Goldman says bitcoin will take share from gold

Look out, gold. Goldman Sachs is bullish over bitcoin, and it predicts the digital currency will take market share away from the safe-haven precious metal this year as digital assets become more widely adopted.

It sees bitcoin’s price more than doubling to $100,000 if it grabs a 50% share of the so-called “store of value” market. That term refers to assets that maintain their worth over time without depreciating.

Goldman says bitcoin already makes up a fifth of that market today, citing the cryptocurrency’s $700 billion market capitalization versus gold’s $2.6 trillion.

The investment bank’s analyst also said in his note that bitcoin may have applications – in his words – “beyond simply a ‘store of value’.”

Bitcoin fell sharply in December and has struggled to rebound after peaking in November at $69,000. It rose more than one-and-a-half percent Tuesday morning.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting