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