According to a research report by investment banking giant Goldman Sachs, the rise of Bitcoin will reduce the market share of gold. In a report to customers on January 4, the bank stated that the market value of the largest cryptocurrency may grow as a “by-product of the widespread adoption of digital assets, and possibly due to Bitcoin-specific scaling solutions.”
According to Goldman Sachs, if Bitcoin occupies 50% of the so-called “store of value” market, its price may rise to more than $100,000. The bank added that use cases other than store of value can serve as a tailwind for cryptocurrencies. The bank said: “The application of Bitcoin may not only be a store of value, but the digital asset market is much larger than Bitcoin. But we believe that comparing its market value with gold will help determine the reasonable outcome of Bitcoin’s return.”