Bitcoin could overtake gold market share in 2022, Goldman Sachs analyst says in the client ‘s note, as cryptocurrencies and digital assets see price increases and attract more investor interest.
According to a list of 2022 predictions from Goldman Sachs analyst Zach Pandl, bitcoin will “ Probably gain more share in the coming year than the current 20%, calculated by comparing the $ 700 billion market capitalization of the cryptocurrency to about $ 2.6 trillion gold in global investments.
“If the price of bitcoin rises above $ 100,000, it will ensure a 50% market share,” the note said.
” Bitcoin may have more applications than a store of value – and digital asset markets are much larger than bitcoin – but we think that comparing its market capitalization with gold can help set parameters.n, ”wrote Zach Pandl.
The term » value store refers to assets that can hold their value for a long time without depreciation, such as precious metals or certain currencies.
According to data from Coingecko, bitcoin was trading around $ 46,456 today. The world’s largest cryptocurrency had a tough year in terms of market capitalization in 2021, with its price falling from around $ 60,000 in April to almost $ 30,000 in July, before reaching an all-time high of around $ 69,000 in April of November, without diminishing again. in recent weeks.
Bitcoin has struggled to break above $ 50,000 in recent weeks after falling sharply in December. Still, crypto enthusiasts and market analysts alike are optimistic about the future of the coin, with many predicting that bitcoin will reach the much – anticipated six – figure price in 2022.