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.
So, the gold standard was overturned for a fiat system. That is, instead of having something backing your money you have only your faith that what you have in your wallet is backed by the federal government. Now, we’re looking instead of faith backing your money but a Ponzi Scheme based on mathematics; and still nothing backing your money. Guess what? This means that you can go into a bank and give them a bill or coin for a particular amount and you can get the same coin in return. What’s the difference between fiat currency and Bitcoin? The faith… Read more »
Riding on the fantasy wave, hoping for the dollar to survive?
Due to a runaway inflation, the price of gold will take a slight drop to $3,600 and will recover in the year 2052
Another plausible scenario?
Bank hates gold. They ban it as currency. Tried experimenting with alchemy to create gold. All failed. People are returning to gold with China and Russia as example. Thank you for keeping gold price artificially low!
For now, but for how long to come?