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Re: Saving Grace post# 28044

Tuesday, 01/11/2022 12:43:50 PM

Tuesday, January 11, 2022 12:43:50 PM

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Goldman Sachs Predicts Bitcoin Could Reach $100K as BTC Continues to Take Gold's Market Share as Store of Value
Quote:
Goldman Sachs has predicted that the price of bitcoin could reach $100,000. The global investment bank believes that bitcoin will continue to take market share away from gold as cryptocurrency adoption grows.

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

The Goldman Sachs analyst expects that bitcoin will continue to take market share away from gold in 2022 as cryptocurrencies become more widely adopted. The research note details:

Bitcoin may have applications beyond simply a ‘store of value’ — and digital asset markets are much bigger than bitcoin.

The analyst noted that bitcoin’s float-adjusted market capitalization is currently under $700 billion. The cryptocurrency accounts for a 20% share of the “store of value” market, which comprises gold and bitcoin. This market is worth about $2.6 trillion, the note explains.

In its list of 2022 predictions, Goldman Sachs said bitcoin will “most likely” become a bigger proportion over time.

Pandl said that if bitcoin’s share of the store of value market were “hypothetically” to increase to 50% over the next five years, the price of BTC would increase to just over $100,000. The analyst added:

We think that comparing its market capitalization to gold can help put parameters on plausible outcomes for bitcoin returns.

Furthermore, the Goldman Sachs analyst pointed out that even though the Bitcoin network’s consumption of resources may be an obstacle to institutional adoption, it will not stop the demand for the asset, the note said.

Goldman Sachs relaunched its cryptocurrency trading desk last year. In June, the firm expanded its cryptocurrency offerings to include ether futures and options.
https://24htech.asia/goldman-sachs-predicts-bitcoin-could-reach-100k-as-btc-continues-to-take-golds-market-share-as-store-of-value-s437087.html



Goldman Sachs $100K Bitcoin Endorsement Could Buoy “Digital Gold”
https://www.forbes.com/sites/korihale/2022/01/11/goldman-sachs-100k-bitcoin-endorsement-buoys-digital-gold/?sh=e8290b86e89b




https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-btc-100000-goldman-sachs-gold-market-share-2022-1


Kevin O'Leary "Mr. Wonderful" on Gold DuJour/Crypto


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