As the cryptocurrency continues to eat into gold’s market share as a store of value, the multinational investment bank believes the bitcoin might touch $100000.
Zach Pandl, a prominent analyst of Goldman Sachs, noted the following details in his research:
- Bitcoin’s current market valuation stands around $700 billion, and the cryptocurrency industry accounts for 20 percent of the “store of value” market.
- Assuming bitcoin’s share of the store of value market rose to 50% over the following five years “hypothetically,” the price of BTC would rise to slightly over $100,000.
Bitcoin network’s resource consumption may be a barrier to institutional adoption, it would not deter demand for the commodity
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