Banking Giant Goldman Sachs Says Bitcoin Can Break $100,000 Under This Condition: Report
One of the world’s top financial firms believes that top crypto asset Bitcoin (BTC) can breach a key psychological price benchmark by taking market share from a competing store of value.
In a new article, Bloomberg reveals that a Goldman Sachs Group report lays out how Bitcoin might surpass $100,000 as it encroaches upon gold’s market cap.
Goldman Sachs calculates that if Bitcoin delivers a compound annualized return of around 17% over the next five years as investors continue to adopt cryptocurrencies, then BTC could reach the $100,00 price target.
At approximately $700 billion float-adjusted market cap in the “store of value” market, Bitcoin currently makes up just 20% against gold’s value of $2.6 trillion.
Bloomberg reports that Bitcoin and gold are often grouped as hedges against inflated fiat currencies, despite not offering inherent returns, such as interest or dividends.
At time of writing, BTC is down 3.15% to $44,530. The crypto asset last touched the $50,000 level on December 27th.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/RM Studio/Chuenmanuse
The post Banking Giant Goldman Sachs Says Bitcoin Can Break $100,000 Under This Condition: Report appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
