Bitcoin Can Reach $100K in ‘Hypothetical’ Store of Value Boost, Goldman Sachs Says
The firm assumes a scenario where bitcoin adoption increases as a store of value for investors versus gold.

Bitcoin can snag market share from gold over time as a “byproduct” of more adoption along with the potential from “Bitcoin-specific scaling solutions,” Goldman Sachs’ co-head of foreign exchange strategy Zach Pandl said in a research note to clients Tuesday.
“Hypothetically, if bitcoin’s share of the ‘store of value’ market were to rise to 50% over the next five years (with no growth in overall demand for stores of value), its price would increase to just over $100,000, for a compound annualized return of 17-18% (accounting for growth in bitcoin supply over time),” Pandl wrote in the note.
Goldman estimates that the public holds about $2.6 trillion of gold for investment purposes, assuming a gold price of $1,800 per troy ounce. Bitcoin’s float-adjusted market capitalization is just under $700 billion, Pandl wrote, adding that this implies bitcoin now commands about 20% share of the “store of value” (gold and bitcoin) market.
Read more: Goldman Sachs Sees Crypto Options Markets as ‘Next Big Step’ for Institutional Adoption
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- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
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