Goldman Sachs Warns Bitcoin Will Reach $100,000

 Goldman Sachs Warns Bitcoin Will Reach $100,000

      Zack Pendl of Goldman Sachs thinks Bitcoin will reach $100,000

      The specialist's predictions refer to the next few years, and possibly the next five years

      If true, Bitcoin will compete with gold as a reserve currency

  Amid growing uncertainty about the value of the world's most popular cryptocurrency, and even as some analysts believe that we may face a new drop in its price, as a result of the lower dominance of the bitcoin market, some dare to give them a more optimistic forecast in the long term.  Perhaps one of the most notable cases in this regard is that of Zack Pendl, of Goldman Sachs, who believes that the price of Bitcoin will reach $100,000 in a few years, in direct competition with gold.

  This is one of the most popular  Hack opinions we've heard lately.  Given that we are talking about an important man within one of the world's largest investment banking and securities groups, it is clear that his words will be a wake-up call to the public.

  In his view, we may be on his way to a scenario where Bitcoin will reach that milestone soon.  For that to happen, some prerequisites must be met according to the North American multinational.  We talk about issues such as increasing institutional adoption of this core cryptocurrency.

  Goldman Sachs joins the $100,000 club

  The Wall Street giant has offered a controversial approach to cryptocurrency over the years.  His ever-changing vision seems to be influenced by the current state of the asset industry.  That shouldn't surprise us at all, but it's a factor to consider when reading their ads.

  For example, amid the parabolic price increases for most tokens in 2017, Goldman Sachs promised to launch a crypto trading desk.  However, after a year-long bear market in 2018, the company halted the initiative.  In the past year, the investment bank has continued its dubious views, moving from supporting the cryptocurrency industry to claiming that bitcoin is not replacing gold but copper.

  However, the leading digital asset saw a 60% price increase in 2021, and Goldman Sachs once again took the upside, to call it something, as this particular news shows.

  Pandl placed it above this transcendent number

  According to Zach Pandl, co-head of global currency strategy and emerging markets at Goldman Sachs, we are in a position where, if Bitcoin continues to capture gold market share as part of its broader adoption, the price could double over the next few years.  The next five years, he explained:

      If bitcoin's share of the market capitalization store was increased by default to 50% over the next five years, its price would rise to just over $100,000, for a compound annual return of 17 or 18%.

      Zack Bundle, Co-Head of Global Currency and Emerging Market Strategy at Goldman Sachs

  The executive estimated that at this point in time, the adjusted market capitalization of Bitcoin should be around 700,000 million, roughly 20% of the market for reserves of value.  We can then say that if this ratio increases, its market price will increase.

  But... will it reach $100,000 this year?

  Another notable figure depicting this price of Bitcoin, not far in time, is Anthony Trenchev.  The co-founder of crypto lending platform Nexo, like Goldman Sachs, believes that greater institutional adoption, and the potential for it to replace gold as a reserve currency, will drive its price up.

  He has been encouraged to bet that Bitcoin will hit $100,000 during 2022, although he can't say for sure that it will remain stable above those numbers, which would still be great news for the market.

  Neb Bukele, the president of El Salvador who has taken bitcoins with part of his country's reserves, is one of those who believe that there will be an upward trend in the coming months, especially as many countries are adopting cryptocurrency, as is in charge of advising them whenever he can.