“We believe that bitcoin’s market share will most likely increase over time due to the wider adoption of digital assets,” said Zach Pandl, Co-Head of Global FX, Rates and Emerging Markets Strategy. for Goldman Sachs, in the report.
He said bitcoin currently makes up around 20% of the so-called “store of value” market, a term used to describe gold, bitcoin and other alternative assets like currencies and commodities whose prices – in theory – shouldn’t depreciate much over a long period. period of time.
Pandl believes bitcoin could potentially account for 50% of the store of value market, which could increase bitcoin by around 17% to 18% per year over the next five years to exceed the $ 100,000 level.
“We believe that comparing its market cap to gold can help set parameters on plausible outcomes for bitcoin’s returns,” Pandl added.
– Michelle Toh contributed to this report.