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Goldman Sachs says BTC will hit $100K

2021 was a year of highs and lows for Bitcoin, with its lowest at ~$28,000 and highest at ~$67,000. It now stands at $42,000 at the time of writing. Bitcoin is gaining more traction as institutional investors are jumping aboard.

Goldman Sachs has been pursuing the adoption of crypto by providing more services for customers. In December of 2021, they announced that they are venturing into providing cash loans with Bitcoin as a collateral. 

Despite the ongoing volatility and the bear markets of late, Goldman Sachs says Bitcoin will take away Gold’s market cap. Gold has stood as a safe haven for assets for decades, but Bitcoin may undercut gold this year. 

Bitcoin’s public liquid float stands at $700 billion that consists of 20% of the store of value market. Goldman analyst Zach Pandl says that Bitcoin could hit $100,000 in the event that its respective market share increases to 50%. However this doesn’t imply a straight rocket movement to this price point. This will happen gradually with the broader adoption of digital assets. 

There are some obstacles that still stand in the way of a macro level transition. There are still seeds of concern for investors as it is a fresh new technology and the issue of high gas fees. However, the broader education of cryptocurrency and blockchain technology will help investors in gaining confidence. We at ZebPay, aim at dispersing as much pertinent and relevant information to you to help in better decision making through our Z-Blog

Analyst Pandl further predicts that this price movement will happen over the next five years for a compound annualised return of 17-18%. 

The ultimate acid test will be the growth and widespread adoption that will determine the market value. With more financial institutions hopping on board, the price of Bitcoin will stabilise after the entire supply has been mined. 

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