Goldman Sachs expects cryptocurrency to continue Bitcoin Attracting investors from the gold market as part of the broader adoption of digital assets, making a $100,000 coin price possible.
Goldman estimated that the market capitalization adjusted for available units of Bitcoin is about 700 billion dollars, which represents 20% of the safe-to-serve assets that are currently represented in Bitcoin and gold.
Goldman Sachs emphasized that if the share of Bitcoin in the safe-haven asset market rises to 50% in the next five years, it is not excluded that the value of the cryptocurrency will exceed $100,000.
This comes as Bitcoin is trading around the $46,000 level, after rising nearly 60% last year. The largest digital asset by market capitalization hit a record high of nearly $69,000 last November. Over the past five years, the cryptocurrency has risen more than 4,700%.
According to Goldman Sachs, while Bitcoin mining consumes a lot of energy, which may be an obstacle to institutional adoption, this will not stop the demand for the crypto asset.