One of the world’s largest financial companies believes that the largest crypto asset can break the key psychological price level by taking market share from a competitive stock of value.
In a new article, Bloomberg reveals that a report by the Goldman Sachs Group outlines how Bitcoin could exceed $ 100,000 as it encroaches on the market capitalization of gold.
Goldman Sachs estimates that if the flagship cryptocurrency provides a complex annual return of about 17% over the next five years as investors continue to accept cryptocurrencies, then BTC could reach the $ 100,000 target.
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With an approximately $ 700 billion adjusted market capitalization, Bitcoin currently represents only 20% of the value of $ 2.6 trillion in gold.
Bloomberg reports that Bitcoin and gold are often grouped as hedging instruments against inflation, although they do not offer inherent returns, such as interest or dividends.
At the time of writing BTC has fallen 8.5% in the last 24 hours to $ 42,700. The crypto asset last reached $ 50,000 on December 27th.
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