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Goldman Sachs says bitcoin could reach $100,000
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Gold, a classic safe haven for risk-averse investors, rose only four percent over the period, implying a market share steal by the high-riding cryptocurrency.In a research note, Goldman Sachs’ co-head of foreign exchange strategy Zach Pandl, suggests bitcoin currently holds a 20% share of the gold/bitcoin store of value market.“Hypothetically, if bitcoin’s share of the ‘store of value’ market were to rise to 50% over the next five years (with no growth in overall demand for stores of value) its price would increase to just over $100,000, for a compound annualised return of 17-18% (accounting for growth in bitcoin supply over time),” he writes. Growth over the next year will provide an acid test for bitcoin.
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