Tech

Bitcoin’s price will hit $ 100,000, here’s why

Bitcoin’s price will inevitably hit $ 100,000, claims Goldman Sachs bank. According to the American bank, cryptocurrency will gradually establish itself as an alternative to gold and take advantage of the vagaries of traditional financial markets.

Goldman Sachs, famous American investment bank, estimates that the price of Bitcoin will eventually reach the symbolic threshold of 100,000 dollars, report our colleagues from Bloomberg. The merchant bank assures that the price of the asset will continue to rise as cryptocurrencies are adopted around the world.

According to Goldman Sachs, Bitcoin will continue to nibble the market share of gold, the ultimate safe haven. The bank assures that the digital currency already currently represents 20% of the store of value market, or a market capitalization of 700 billion dollars. For Sachs experts, BTC has already established itself as a direct competitor to gold.

Read also: the French authorities go to war against influencers who promote cryptocurrency

Why could Bitcoin hit the $ 100,000 threshold?

In the years to come, the Bitcoin king is expected to represent 50% of the store of value market, highly popular assets in times of economic crisis and uncertainty. Under these conditions, the price of BTC should easily rise to 100,000 dollars in the coming years.

Mirroring Goldman Sachs, many financial experts believe that the price of Bitcoin will continue to rise in the months to come. This is notably the opinion of Mick McGlone, senior strategist at Bloomberg. The expert claims that Bitcoin will exceed $ 100,000 in 2022 by riding the inflation of fiat currencies.

JPMorgan, a major financial holding company based in the United States, agrees by pointing the finger the imminent crisis of traditional markets. Figures like Antoni Trenchev, co-founder of Nexo, a cryptocurrency lending service, and Nayib Bukele, President of El Salvador (the first country to adopt Bitcoin as legal tender), have made similar predictions recently.

As a reminder, Bitcoin has recorded a sharp increase in its value in 2021. Driven by investments from renowned companies like Tesla or MicroStrategy, and the growing interest of institutional investors, the currency’s price reached $ 69,000 at the end of the year. At the end of 2020, the price of Bitcoin reached 20,000 dollars for the first time, marking the start of the bull run. Currently, Bitcoin is trading around $ 46,000.

Source: Bloomberg

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