Bitcoin may overtake gold’s market share in 2022, a Goldman Sachs analyst has said in a research note to clients, as cryptocurrencies and digital assets surge in price and attract increasingly more investor interest.
Analyst Zach Pandl says Bitcoin will “most likely” acquire a bigger piece of the pie in the year to come than its current 20%. This was calculated by comparing the cryptocurrency’s $700 billion market capitalization to the roughly $2.6 trillion global investments in Gold.
If Bitcoin’s price surpasses $100,000 per coin, it would secure a 50% share of the market. At the same time the functionality of fading US dollar might also get weaker at the same time?
Bitcoin, the globe’s largest cryptocurrency by market capitalization, was trading around $48.000 by the end of the year, had a rough year in 2021, having plunged in price from around $60,000 in April down to near $30,000 in July.
In November 2021, Bitcoin reached an all-time high of some $69,000 in November. It’s struggled to surpass the $50,000 benchmark in the past few weeks after dropping sharply in December.
Still, crypto-enthusiasts and market analysts are optimistic about the coin’s future, with many voicing predictions of Bitcoin hitting the long-awaited six-digit price sometime in 2022.
RT. com / ABC Flash Point News 2022.