{"id":3987,"date":"2022-01-06T07:35:13","date_gmt":"2022-01-06T07:35:13","guid":{"rendered":"http:\/\/egrowonline.com\/?p=3987"},"modified":"2022-01-06T07:35:13","modified_gmt":"2022-01-06T07:35:13","slug":"bitcoin-prices-fall-but-goldman-sachs-predicts-it-could-hit-100000","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=3987","title":{"rendered":"Bitcoin prices fall but Goldman Sachs predicts it could hit $100,000"},"content":{"rendered":"


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The world’s most valuable cryptocurrency<\/a> has fallen to about $43,000 <\/strong>after surging to a record high near $69,000 in November. Yet Goldman Sachs<\/span> (GS<\/a><\/span>)<\/span> said in a report this week that bitcoin<\/span> (XBT<\/a><\/span>)<\/span> could more than double, to a little over $100,000 per coin, within the next five years. <\/div>\n

“We think that bitcoin’s market share will most likely rise over time as a byproduct of broader adoption of digital assets,” Zach Pandl, the co-head of global foreign exchange, rates and emerging market strategy for Goldman Sachs, said in the report.<\/p>\n

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Pandl argues that bitcoin will increasingly steal market share from gold<\/a>, which has stalled out around $1,800 per ounce. <\/div>\n

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 like currencies and commodities whose prices \u2014 in theory \u2014 should not depreciate much over a long period of time.<\/p>\n

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Pandl believes bitcoin could eventually make up 50% of the store of value market, which could push bitcoin about 17% to 18% higher annually for the next five years to top the $100,000 level. <\/p>\n

“We think that comparing its market capitalization to gold can help put parameters on plausible outcomes for bitcoin returns,” Pandl added. <\/p>\n

Of course, bitcoin and other top cryptos<\/a> such as ethereum, binance, solana and meme tokens<\/a> like dogecoin and shiba inu have been extremely volatile in the past year. Cryptos are behaving more like stocks than currencies at this point.<\/div>\n
Still, an increasing number of top fund managers including Stanley Druckenmiller, Paul Tudor Jones and George Soros have invested in bitcoin. Regulators have approved exchange-traded funds<\/a> that track bitcoin futures prices too, making it even easier for individual investors to dive in.<\/div>\n

\u2014 Michelle Toh contributed to this report.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n


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The world’s most valuable cryptocurrency has fallen to about $43,000 after surging to a record high near $69,000 in November. Yet Goldman Sachs (GS) said in a report this week that bitcoin (XBT) could more than double, to a little over $100,000 per coin, within the next five years. “We think that bitcoin’s market share […]<\/p>\n","protected":false},"author":1,"featured_media":3988,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[50,951,3158,133,470,666,3159],"class_list":["post-3987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-fall","tag-goldman","tag-hit","tag-predicts","tag-prices","tag-sachs"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/01\/220105111539-05-bitcoin-file-super-tease.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/3987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3987"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/3987\/revisions"}],"predecessor-version":[{"id":3989,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/3987\/revisions\/3989"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/3988"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3987"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}