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20.01 - 08:27
Bitcoin $100K possible by chipping away at gold’s market share: Goldman Sachs
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Bitcoin (BTC) failed to close 2021 above the long-expected $100,000 level, but experts believe the psychological horizon is still achievable by taking gold's market share, albeit over a more extended period.
In a note released to investors on Tuesday, Goldman Sachs co-head of global FX and EM strategy Zach Pandl hypothesized that if the largest cryptocurrency could overtake 50% of the store of value market share over the next five years, BTC price would increase to just over $100,000, marking a compound annualized return of 18%.
While the current market cap of BTC is close to $884 billion, Goldman Sachs estimates the float-adjusted market cap of Bitcoin is under $700 billion, accounting for one-fifth of the “store of value” market. The said
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