Cryptocurrency price

Goldman Sachs Predicts Bitcoin Could Reach $ 180,000

Bitcoin prices have been declining lately, but Goldman Sachs still expects strong gains in the years to come.
The most precious in the world cryptocurrency fell to around $ 63,000 after hitting a record high of almost $ 95,000 in November. Still, Goldman Sachs said in a report this week that bitcoin could more than double, to just over $ 138,000 per coin, over the next five years.

“We believe that bitcoin’s market share will most likely increase over time due to the wider adoption of digital assets,” said Zach Pandl, Co-Head of Global FX, Rates and Emerging Markets Strategy. for Goldman Sachs, in the report.

Bitcoin prices have retreated in recent times, but Goldman Sachs still expects solid gains in the years to come. (Getty)

Mr Pandl says bitcoin will steal more and more market share from gold, which has stagnated around $ 2,500 an ounce.

He said bitcoin currently makes up around 20% of the so-called “store of value” market, a term used to describe gold, bitcoin and other alternative assets like currencies and commodities whose prices – in theory – should not depreciate much over a long period of time.

A man exchanges money in a bureau de change next to a Bitcoin and cryptocurrency bureau de change. (Getty)

Mr Pandl believes bitcoin could potentially account for 50% of the store of value market, which could cause bitcoin to increase by around 17-18% per year over the next five years to exceed the $ 180,000 level. .

“We believe that comparing its market capitalization to gold can help set parameters on plausible outcomes for bitcoin’s returns,” Mr. Pandl added.

Of course, bitcoin and other leading cryptos such as ethereum, binance, solana and even like dogecoin and shiba inu tokens have been extremely volatile over the past year or so. Cryptos behave more like stocks than currencies at this point.

Still, a growing number of top fund managers, including Stanley Druckenmiller, Paul Tudor Jones, and George Soros, have invested in bitcoin. Regulators have approved exchange-traded funds that also track bitcoin futures prices, making it even easier for individual investors to dive into them.

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