Goldman Sachs (NYSE:GS) specialist Zach Pandl said in a note to clients on Tuesday that Bitcoin will continue to capture gold's market share amid broader digital asset adoption.
widely, the $100,000 price tag, expected by crypto enthusiasts, could become a reality in the next 5 years.
“Hypothetically, if Bitcoin's share of the 'store of value' market grows to 50% within the next 5 years (there is no growth in overall demand for the 'store of value' assets), value) then its price will increase to more than $100,000, yielding an annualized 17-18% return,” Pandl wrote in the note.
Goldman estimates that the public holds about $2.6 trillion in gold for investment purposes, assuming a gold price of $1,800 per ounce. Bitcoin's float-adjusted market capitalization is currently just under $700 billion, Pandl writes.
Pandl also noted that Bitcoin could take market share away from gold over time as a “by-product” of more adoption along with the potential from “Bitcoin-specific scaling solutions.”
Among cryptocurrencies, Bitcoin is up 0.84%, Ethereum is up $2.18% / BNB loses 0.55%, and Cardano is up 1.57%.
Investment company MicroStrategy on the evening of December 30 announced that it had purchased another 1,914 BTC, worth $94.2 million.
On the evening of December 30, MicroStrategy CEO Michael Saylor said his company has added another 1914 BTC to its Bitcoin investment fund. This amount of BTC has a value in US dollars of $94.2 million, bought by the company when the Bitcoin price was at $49,299. In total, MicroStrategy is holding up to 124,391 BTC with an average purchase price of 30,195 USD, investment cost is 3.75 billion USD. At current rates, the company's crypto assets are $5.9 billion, meaning MicroStrategy is still recording a profit of 57.3%.
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