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Goldman Sachs thinks $ 100,000 is possible: Bitcoin must take over market share from gold

 


Bitcoin could very well reach $ 100,000 if it stole market share from gold, as Goldman Sachs predicts.


Bitcoin ( BTC ) failed to climb above $ 100,000 in 2021, as analysts expected. However, they still believe that this psychologically important level can still be achieved if Bitcoin takes over market share from gold. However, that could take a little longer.


In a note to investors on Tuesday, Zach Pandl, Co-Head of Global FX and EM Strategy at Goldman Sachs, said that if the largest cryptocurrency could take 50 percent of the store's market share in the next five years, the BTC- Price rise to just over $ 100,000. That would correspond to an average annual return of 18 percent.


BTC's current market cap is nearly $ 884 billion. Goldman Sachs estimates the market capitalization of Bitcoin adjusted for the market value at just under 700 billion US dollars. That corresponds to a fifth of the "store of value market". However, there isn't much competition in this market. The only other participant in the Goldman Sachs store of value market is gold, with a capitalization of $ 2.6 trillion.


Despite its ups and downs, Bitcoin topped the Goldman Sachs list of assets with the greatest returns for 2021, with an annual return of over 60 percent. Gold is at the bottom of the same list, losing 4 percent for the year.


The experts at Goldman Sachs believe that the demand for BTC will not be affected by the debate about the energy consumption of the Bitcoin network. A recent study claims the Bitcoin ecosystem uses eight times as much energy as Google and Facebook put together . The New York Digital Investment Group estimates that Bitcoin mining will account for no more than 0.4 percent of global electricity consumption in the next ten years .



As described in a Cointelegraph New Years special , Bitcoin has had a bumpy road in the past year. Many experts believed that $ 100,000 for the cryptocurrency would be an easy target in 2021. However, BTC ended the year at around $ 47,000 after hitting an all-time high of around $ 69,000 in November. He missed the forecast of the analysts by far .

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