Goldman Sachs gives a $100k price target for BTC as the crypto market continues to advance. The investment bank is also bullish that Bitcoin will continue to grow and take away Gold’s market share. So, this is great in a way, but at the same time, the time frame given by Goldman Sachs for the same to happen was also a lot. Five years is a long time, and in the crypto market, we have seen 10x-100x gains in such a long period. So, we can say that Goldman Sachs’ prediction is conservative.
Goldman Sachs on BTC
The co-head of global foreign exchange strategy, Zach Pandl, recently gave his outlook for Bitcoin for his clients. The company’s analyst thinks that Gold’s market share is going to be continuously taken by Bitcoin. This happens as the crypto markets continue to mature and rope in investments from a larger audience. While Bitcoin is being seen as a store of value, the crypto markets are much bigger than that. The falling BTC dominance is just a big sign of that.
The analyst also thinks that Bitcoin is ultimately going to be bigger than Gold in terms of the store of value market. He said that at present, Bitcoin’s float-adjusted market cap is less than $700 billion accounting for 20% of the entire market (Gold and BTC). So, just taking into account the store of value market, Bitcoin won’t take much time to topple Gold. Zach has time and again talked about the store of value market in a different way due to other use cases of Gold.
Adoption
We all know that Bitcoin’s biggest obstacle to adoption is the consumption of energy and the resources required. But Goldman Sachs’ analyst said that this is not going to stop the institutional demand for the asset. This, in turn, means that we do not need to worry about Bitcoin’s demand in the future as well.
What are your thoughts as Goldman Sachs gives a $100k price target for BTC in the next 5 years? And do you think Bitcoin will overtake Gold in terms of the store of value market? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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