Goldman Sachs predicts bitcoin could hit $ 100,000


The world’s most valuable cryptocurrency has fallen to around $ 46,000 after hitting a record high of nearly $ 69,000 in November. Again Goldman Sachs (SG) said in a report this week that bitcoins (XBT) could more than double, to just over $ 100,000 per coin, over the next five years.

“We believe that bitcoin’s market share will most likely increase over time due to the wider adoption of digital assets,” said Zach Pandl, Co-Head of Global FX, Rates and Emerging Markets Strategy. for Goldman Sachs, in the report.

Pandl says bitcoin will steal more and more market share from gold, which has stagnated at around $ 1,800 an ounce.

He said bitcoin currently makes up around 20% of the so-called “store of value” market, a term used to describe gold, bitcoin and other alternative assets like currencies and commodities whose prices – in theory – shouldn’t depreciate much over a long period. period of time.

Pandl believes bitcoin could potentially account for 50% of the store of value market, which could increase bitcoin by around 17% to 18% per year over the next five years to exceed the $ 100,000 level.

“We believe that comparing its market capitalization to gold can help set parameters on plausible outcomes for bitcoin’s returns,” Pandl added.

Of course, bitcoin and other leading cryptos such as ethereum, binance, solana and even like dogecoin and shiba inu tokens have been extremely volatile over the past year or so. Cryptos behave more like stocks than currencies at this point.
Still, a growing number of top fund managers, including Stanley Druckenmiller, Paul Tudor Jones, and George Soros, have invested in bitcoin. Regulators have approved exchange-traded funds that also track bitcoin futures prices, making it even easier for individual investors to dive into them.


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