In a new note, the financial institution says it believes the world's biggest cryptocurrency can continue wrestling market share away from gold.
Goldman Sachs has become the latest investment bank to predict that Bitcoin has the potential to hit $100,000.
In a new note, the financial institution says it believes the world's biggest cryptocurrency can continue wrestling market share away from gold.
Analyst Zach Pandl's calculation is based on the value of the so-called "store of value market."
He estimates that the public own $2.6 trillion worth of the precious metal, while the float-adjusted market capitalization of BTC stands at $700 billion.
If demand for store of value assets remains static, but Bitcoin's share of this market rose by 50% over the coming five years, Pandl believes this would take prices into six-figure territory.
That would be a 115% increase from the price of $46,458 seen at the time of writing.
This doesn't take into account the prospect of buy-ins from institutions. Although the likes of MicroStrategy have been especially aggressive in increasing the amount of Bitcoin they hold in reserve, it seems that other corporations have been reluctant to take the plunge so far. Concerns over BTC's impact on the environment may be a factor here.
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