Friday, January 28, 2022

Bitcoin could hit $100K in the future, Goldman Sachs says

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According to a recent announcement by Goldman Sachs, if investors see the leading cryptocurrency as a security, Bitcoin has the potential to cross the $ 100,000 mark in the coming years.

Goldman Sachs estimates that bitcoin accounts for about 20 percent of the “value reserve” market, which traditionally applies to assets such as gold, which retain their value without significant depreciation.

According to analyst Zach Pandl, bitcoin’s “market share will rise over time” as investors grow more comfortably with digital assets.

Pandl, the company’s co-chair of global currency and emerging market strategies, said the value of bitcoin could reach $ 100,000 in a few years if its market share reached “hypothetically” 50 percent.

Bitcoin may simply have apps outside of the “value store” – and digital asset markets are much larger than Bitcoin – but we think comparing its market capitalization to gold will help set parameters for reliable results for Bitcoin earnings “, said Pandl. To Acesparks.

Proponents of crypto have long highlighted bitcoin as a “digital gold” and a potential successor to the precious metal. The price of gold is currently around $ 1,800 per ounce.

Goldman Sachs analyst Zach Pandl expects bitcoin’s “market share” to grow further in this decade.
A woman using a smartphone that displays a Bitcoin wallet screen.
Bitcoin has become a popular cryptocurrency for buying goods such as AMC cinema tickets.

In November, the price of one bitcoin rose to $ 69,000. But cryptocurrency values ​​have plummeted in recent weeks as rising inflation and other concerns have scared investors.

Bitcoin fell more than 6 percent to $ 43,283 on Thursday afternoon. The latest decline came after officials in the Federal Reserve’s December FOMC protocols indicated they could raise interest rates sooner than expected this year.

Despite the recent decline, the value of bitcoin has risen by more than 17 percent in the last 12 months.

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