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Goldman Sachs Reveals Huge Bitcoin Price Prediction After Ethereum Bet

Bitcoin and cryptocurrencies have made a terrifying start until 2022 and have been declining since the end of last year. As price pressure increases..

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Bitcoin prices have fallen about 40% since their peak in November, dropping from about $ 70,000 per bitcoin to a low of $ 41,000 this week. Meanwhile, Ethereum and other major coins also crashed, Cleared the value of about $ 1 trillion from the crypto market since the November highs..

Well, Wall Street Giants Goldman Sachs
Predicts that Bitcoin will increasingly compete with gold as a “value store” and could reach $ 100,000 within five years.

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“Bitcoin may have applications that go beyond just a’valued store’and the digital asset market is much larger than Bitcoin, but by comparing its market capitalization to gold, Bitcoin I think it helps to set parameters for plausible results of returns, “Zach Pandl, co-Head of Forex Strategy at Goldman Sachs, wrote in a research note. Bitcoin currently has a market capitalization of about $ 800 billion, compared to $ 11.4 trillion in gold.

“If Bitcoin’s value store market share rises to 50% over the next five years (overall value store demand will not grow), its price will rise to just over $ 100,000 and the annual combined revenue. Is 17% to 18%. “

Bitcoin’s reputation as a digital store with a value similar to gold has been driven by the surge in inflation that hit economies around the world last year. In May 2020, renowned investor Paul Tudor Jones put Bitcoin firmly on a map of Wall Street when he named it “the fastest horse to overcome inflation.”

“Bitcoin has better monetary quality than gold, and with so many adoptions as a valuable store, Bitcoin has great potential to grow into a global reserve currency and universal account unit. Hong Fang Exchange Okcoin, Cryptocurrency Chief, said in an email comment, Bitcoin shortage due to fixed supply of 21 million coins, digital durability and accessibility, and resistance to censorship. Pointed out.

“Bitcoin is more than just an asset class. The Bitcoin network has proven to be a viable global payment network, and Bitcoin is programmable money,” Fang added. “In 2022, Bitcoin will prove not only as a store of value, but also as a medium of exchange and a unit of account.”

Bitcoin prices have skyrocketed to just over 400% since January 2020, pushing the stock market to record highs on the asset price boom and Ethereum prices surpassing Bitcoin.

Last year, a leaked Goldman Sachs report predicted Ethereum, the second largest cryptocurrency after Bitcoin, “Probably” to overtake Bitcoin as the “dominant” store of value— We call it “Amazon”
Investors have invested in Ethereum over the past two years as growing interest in decentralized finance (DeFi) and ongoing non-fungible token (NFT) enthusiasm have pushed Ethereum prices up.

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More from ForbesWhy Billionaire Bitcoin and Ethereum Skeptics Suddenly Turn Over and Forecast the Price of Wild Cryptocurrencies

The success of Bitcoin over the past few years has led both businesses and countries to begin experimenting with Bitcoin in unprecedented ways. Business intelligence software company MicroStrategy
He has inspired Tesla CEO Elon Musk to lead the way in converting cash reserves into Bitcoin.
, Adds $ 1.5 billion worth of Bitcoin to the balance sheet of electric vehicle manufacturers in January 2021.

Michael Saylor, CEO of MicroStrategy We predict that Bitcoin prices could eventually reach $ 6 million..

Meanwhile, El Salvador in Central America is adopting Bitcoin as its home currency along with the US dollar as part of its plans to integrate Bitcoin into the economy and society.


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