Monday, July 22, 2024

Goldman Sachs Sees Bitcoin Crossing $100,000 In Near Future

If investors treat bitcoin as a store of value, it can cross the $100,000 milestone in the coming years, says Goldman Sachs. The investment bank estimates the popular crypto makes about 20% of the store of value market. This is traditionally for assets like gold.

Zach Pandl, an analyst at Goldman Sachs, believes the market share for bitcoin will rise over time as investors become more comfortable and confident with digital assets. He says BTC could reach $100,000 within a few shares. This is if the crypto asset’s store of value market were to presumably reach 50%.

Pandl pointed out that bitcoin, in the near future, could be more than just a store of value. He said the digital asset markets are much bigger than BTC, but comparing collating its market capitalization to the yellow metal can put its range on credible outcomes.

However, the market is very much vulnerable. And 2022 seems to be an acid test for bitcoin and the crypto market at large.

Bitcoin vs. Gold

Experts see gold and bitcoin as ways to diversify a portfolio or a hedge against traditional currency inflation like the dollar. Unsustainable fiscal and monetary policies often send the currency spiraling download, a good example is Turkey’s Lira.

Bitcoin is also called digital gold because it is the king of cryptocurrencies. And investors prefer to put their money on bitcoin than gold. They see BTC as a better store of value. The investors also bet on it as a better inflation hedge. Some investors foresee it as better than gold over a long period of time.

Mike Novogratz, CEO of Galaxy Digital Holdings, highlighted bitcoin as a better version of a store value, which is being accepted at an accelerating pace. He said the bitcoin ecosystem continues to grow at an unprecedented speed. Anthony Scaramucci, Founder of Skybridge, expects the crypto asset to outperform gold. In November 2021, he said BTC will eclipse gold.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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