Wednesday, November 6, 2024
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Bitcoin might reach $100000: Goldman Sachs

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

That’s it for now. Have a rocking day reader 🙂

Kunal Krishan
Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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