Goldman Sachs Predicts Bitcoin Could Reach $100K as BTC Continues to Take Gold’s Market Share as Store of Value – Markets and Prices Bitcoin News

Goldman Sachs predicts Bitcoin will reach $100,000. The global investment bank believes that bitcoin will continue to pull market share from gold as cryptocurrency adoption grows.

Bitcoin vs Gold Prediction at Goldman Sachs

Goldman Sachs analyst Zach Pandl, co-head of global foreign exchange strategy, outlined the future outlook for bitcoin in a research note to clients on Tuesday.

Goldman Sachs analyst predicts that Bitcoin will continue to take market share away from gold in 2022 as the cryptocurrency is widely adopted. Research note details:

Bitcoin may have applications that go beyond just a “store of value” – and the digital asset market is much larger than Bitcoin.

The analyst noted that the market capitalization adjusted for bitcoin’s flotation is currently under $700 billion. Cryptocurrency accounts for 20% of the “store of value” market, which includes gold and bitcoin. The note states that this market is worth about $2.6 trillion.

In its 2022 predictions list, Goldman Sachs said that Bitcoin is “probably” going to become a larger percentage over time.

Bandel said that if the share of bitcoin in the market capitalization store were to “hypothetically” rise to 50% over the next five years, the price of bitcoin would rise to just over $100,000. The analyst added:

We believe that comparing its market capitalization to gold can help set benchmarks for reasonable bitcoin returns.

Moreover, Goldman Sachs analyst noted that while the Bitcoin network’s consumption of resources may be an obstacle to institutional adoption, it will not stop the demand for the asset.

Goldman Sachs relaunched its crypto trading desk last year. In June, the company expanded its cryptocurrency offering to include Ether futures contracts and options.

Do you agree with Goldman Sachs about bitcoin and gold? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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