Wall Street bank predicts end of gold era – RT Business News

Gold may soon lose its status as the universal “store of value” for Bitcoin, US banks claim

Bitcoin could overtake gold’s market share in 2022, a Goldman Sachs analyst has said in a research note to clients as cryptocurrencies and digital assets rise in price and attract more and more investor interest.

According to a list of 2022 predictions from the bank’s analyst Zach Pandl, Bitcoin will “most likelyAcquire a larger share of the pie in the coming year than its current 20%, which was calculated by comparing the market value of the $ 700 billion cryptocurrency with the gold of about $ 2.6 trillion in global investment.

If Bitcoin’s price exceeds $ 100,000 per coin, it will secure a 50% market share, the memo said.

Bitcoin may have applications beyond just a store of value – and markets for digital assets are much larger than Bitcoin – but we believe that comparing market value with gold can help set parameters for plausible results for Bitcoin returns“, wrote Pandl.

Bitcoin is expected to hit $ 100,000

Concept “stock of value”Refers to assets that are able to retain their value for a long time without being depreciated, such as precious metals or certain currencies.
According to Coindesk data, Bitcoin traded around $ 46,456 around noon. 14.00 GMT Wednesday. The world’s largest cryptocurrency measured by market value had a tough year in 2021, falling in price from around $ 60,000 in April to almost $ 30,000 in July before reaching a record high of around $ 69,000 in November.

It has struggled to surpass the $ 50,000 benchmark in the past few weeks after a sharp drop in December. Still, crypto enthusiasts and market analysts are optimistic about the currency’s future, and many are predicting that Bitcoin will hit the long-awaited six-digit price sometime in 2022.

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