Goldman Sachs said, by capturing the gold market, bitcoin will reach one million dollars
Goldman Sachs Group has stated that bitcoin continues to be adopted as a digital asset and that therefore bitcoin will continue to capture gold’s market share. Given this, the bitcoin price can be predicted to reach $100,000. Goldman estimates the float-adjusted market capitalization of bitcoin to be around $700 billion. It accounts for 20% of the ‘store of value’ market, which includes bitcoin and gold. According to estimates, the value of gold available for investment is $2.6 trillion.
If the price increases by 50%, then bitcoin will be worth one lakh dollars
Jack Pandal, Global Co-Head of FX & EM, says the price of bitcoin will exceed $100,000 if it “imaginably” rises by 50% over the next five years. It will give returns at a compound interest rate of 17% or 18% per annum.
Bitcoin has gained almost 60% in the last year. Right now bitcoin is trading around the $46,000 level in New York. The largest digital asset by market cap made a record in November of nearly $69,000. It has increased by more than 4,700% since 2016. The note said, although the consumption of resources in the bitcoin network could be a hindrance to the digital asset, it would not stop the demand for the asset.
Goldman Sachs said, by capturing the gold market, bitcoin will reach one million dollars is digital gold
Bitcoin has long been called digital gold, and the same thing applies to gold as well. It pays no interest or dividends, and it also doesn’t perform like traditional assets. Its supporters say that like gold, bitcoin also works against fiat currency.