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

Cryptocurrency Jan 05, 2022 08:30AM ET
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Bitcoin Could Top $100k By Replacing Gold as a Store of Value: Goldman Sachs

Regardless of its 60% gains in 2021, Bitcoin still fell short of many predictions as it failed to break above $100k. However, the global investment banking giant, Goldman Sachs (NYSE:GS), has released its price prediction for Bitcoin in 2022, stating the possibility of $100k.

How Bitcoin Could Hit 100k in 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 has estimated that the public holds about $2.6 trillion of gold for investment purposes. 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.

Gold vs. Bitcoin as a store of value is a debate yet to be concluded. However, while millennials and Gen Zs see bitcoin as the better investment, most boomers would pick gold over bitcoin without thinking twice.

In his 2022 prediction, the enigmatic El Salvadorian President Nayib Bukele also forecasted that Bitcoin could reach $100k in 2022. MicroStrategy CEO Michael Saylor, however, sees the Bitcoin price surging to $600,000.

On The Flipside

  • Although Bitcoin has been referred to as digital gold, it has often been criticized for its volatility and for not imitating the performance of more 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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Bitcoin Could Top $100k By Replacing Gold as a Store of Value: Goldman Sachs
 

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