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Bitcoin Could Top $100k By Replacing Gold as a Store of Value: Goldman Sachs -Breaking

by Mike Robinson

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Bitcoin may surpass gold in value by replacing it: Goldman Sachs

It failed to surpass $100k despite its 60% gain in 2021. Goldman Sachs, a global investment bank giant (NYSE:), released its prediction on Bitcoin’s price in 2022. It stated that it could reach $100k.

Bitcoin could reach 100k by 2022
In its prediction, Goldman Sachs explained that the value of Bitcoin could grow to $100k if it continues shaving off gold’s market share.

Goldman estimates that $2.6 trillion worth of gold is held by the public for investment. With Bitcoin at approximately 20% of gold’s market cap ($700 billion).

Zach Pandl, Goldman Sachs’ co-head of foreign exchange strategy, explained that the value of Bitcoin could grow over $100k if its adoption increases the “store of value” for investors against gold.

The debate about bitcoin vs gold as a store-of-value is still ongoing. Although Gen Zs, millennials, and Zs view bitcoin as a superior investment, boomers are more likely to choose gold over bitcoin.

Nayib Bakele, El Salvadorian president and mysterious forecaster of 2022, predicted that Bitcoin will reach $100k in 2022. MicroStrategy CEO Michael Saylor sees Bitcoin prices rising to $600,000.

Flipside

  • Bitcoin is often referred to digital gold. However, its volatility has led to criticisms. It also fails not mimic the performance of traditional assets.

Why you should care

Despite Bitcoin’s criticisms, especially its power consumption, Goldman Sachs explained that its institutional adoption would only keep growing.

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