Bitcoin $100,000 a possibility by taking on gold market share: Goldman Sachs

Zach Pandl Digital Strategy Bitcoin

05.01.2022 - 03:17

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livemint.com:

Bitcoin will continue to take market share from gold as part of broader adoption of digital assets, making the often touted price prediction of a $100,000 by advocates a possibility, according to Goldman Sachs Group.

Goldman estimates that Bitcoin’s float-adjusted market capitalization is just under $700 billion. That accounts for 20% share of the “store of value" market which it said is comprised of Bitcoin and gold. The value of gold that’s available for investment is estimated at $2.6 trillion.

If Bitcoin’s share of the store of value market were “hypothetically" to rise to 50% over the next five years, its price would increase to just over $100,000, for a compound annualized return of 17% or 18%, Zach Pandl, co-head of global FX and EM

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