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Bitcoin prices fall but Goldman Sachs predicts it could hit $100,000

Bitcoin prices fall but Goldman Sachs predicts it could hit $100,000
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The world’s most valuable cryptocurrency has fallen to around $46,000 after hitting a record near $69,000 in November. after Goldman Sachs (p) He said in a report this week that Bitcoin (XBT) It could double, to just over $100,000 per coin, within the next five years.

“We believe that bitcoin’s market share will likely rise over time as a byproduct of the broader adoption of digital assets,” said Zach Bundle, co-head of global foreign exchange, exchange rates and emerging market strategy for Goldman Sachs, in the report.

Pandl argues that bitcoin will increasingly steal market share of gold, which has stopped at around $1,800 an ounce.

He said bitcoin currently makes up about 20% of the so-called “store of value” market, a term used to describe gold, bitcoin and other alternative assets such as currencies and commodities whose prices should – in theory – not fall much over a long period. a period of time.

Pandl believes that bitcoin could eventually make up 50% of the market’s store of value, which could push bitcoin about 17% to 18% higher annually over the next five years to the $100,000 mark.

“We believe that comparing its market capitalization to gold can help to set standards for reasonable outcomes for bitcoin returns,” Bandel added.

Of course, Bitcoin and other top cryptocurrencies like Ethereum, Binance, Solana, and meme tokens like Dogecoin and Sheba Inu have been very volatile in the past year. Cryptocurrencies behave more like stocks than currencies at this point.
With that said, a growing number of top fund managers including Stanley Druckenmiller, Paul Tudor Jones and George Soros have invested in bitcoin. Regulators have approved exchange-traded funds that track bitcoin futures prices as well, making it easier for individual investors to dive in.

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