Is Goldman Sachs goign to change the name to Bitcoinman Sachs? Prolly nothing... https://www.barrons.com/articles/fomc-minutes-suggest-more-stock-market-turmoil-could-lie-ahead Bitcoin Could Hit $100,000 if Investors Treat It Like Gold, Goldman Sachs Says By Daren Fonda Updated Jan. 5, 2022 7:37 pm ET / Original Jan. 5, 2022 1:28 pm ET The publicly available float of Bitcoin is just under $700 billion. Dreamstime Bitcoin could be worth $100,000 if investors accept the premise that it really is digital gold, according to a report by Goldman Sachs . At its current price around $46,800, Bitcoin has a market cap of $870 billion, compared with $2.6 trillion for gold held by the public for investment purposes, such as privately held bars and assets in exchange-traded funds. The publicly available float of Bitcoin is just under $700 billion, as a considerable amount of Bitcoin doesn’t trade, according to Goldman. That implies that Bitcoin consists of 20% of the entire “store of value” market—Bitcoin plus gold, assuming gold at current prices around $1,800 an ounce with 44,000 metric tons in circulation for investment purposes. Bitcoin could get to $100,000 if its market share of the “store of value” market were to increase to 50%, estimates Goldman analyst Zach Pandl. “We think that Bitcoin’s market share will most likely rise over time as a byproduct of broader adoption of digital assets,” he wrote in a note published Tuesday. Hitting $100,000 implies Bitcoin would see annualized returns of 17% over the next five years. The target doesn’t assume demand growth for “store of value” assets, and it factors in the supply growth of Bitcoin, with about 900 coins minted every 24 hours at the current production rate (scheduled to halve in early 2024). Yet Bitcoin won’t have a straight shot to $100,000—if it ever gets there. “The network’s consumption of real resources may remain an important obstacle to institutional adoption,” Pandl writes, flicking at the energy consumption toll that Bitcoin mining takes. That is no trivial matter. Many countries are trying to reduce their carbon emissions, and Bitcoin mining—a global network of computers processing transactions—doesn’t help. Bitcoin miners are consuming 0.56% of the world’s electricity consumption, similar to the amount used by countries like Norway or Sweden, according to the Cambridge Bitcoin Electricity Consumption Index. Some of that energy comes from renewables, but Bitcoin is also being mined from coal, oil, and natural gas-fired plants. And it’s getting tougher to justify in countries facing crippling energy shortages and soaring prices. In Kazakhstan, where mining has taken off after China banned the practice, protesters stormed government buildings on Wednesday over soaring energy prices. The country’s telecom provider shut down internet access, cutting off Bitcoin miners. Bitcoin may be far more appealing than other cryptos as a store of value, given its hard cap on supply. But it is also competing against other cryptos for investment dollars. The overall market is worth $2.2 trillion, including $450 billion in Ether and $85 billion in Binance Coin. And unlike many cryptos that are finding uses as “smart contracts” for trading cryptos, lending, and minting new digital assets like nonfungible tokens, Bitcoin’s primary use case and appeal may be as an alternative to gold. Working in Bitcoin’s favor is that investors are now worried about inflation and the impact of soaring global money supplies, potentially depreciating national currencies. That could help Bitcoin in the long run, since its supply is capped at 21 million coins, with 18.9 million already produced. But Bitcoin hasn’t been acting like an inflation beater lately. Prices have been flat for months. Bitcoin has done better than gold in the past year: Bitcoin is up 15% from early January 2021, versus a 6.8% decline for the SPDR Gold Shares ETF (ticker: GLD). But gold has beaten Bitcoin in the past three months, with the Gold Shares ETF up 6% and Bitcoin slumping about 10%. Timing, it seems, may matter just as much with digital gold as it does with the real thing. Corrections & Amplifications Bitcoin has a market cap of $870 billion. An earlier version of this article incorrectly said the market cap was $870 million.
The world opinion is divided. Some said BTC will go from 5 digits to 6 .... if we treat it like gold (according to GS), dust (according to some religions, it is priceless as it is the start of life), dirt (priceless according to the Waterworld film). Some said BTC will go from 5 digits to 4 .... if we treat it like Tulip.
You just have to look for a few keywords to understand that the initial post is part of a marketing campaign. https://www.google.com/search?q=At+its+current+price+around+$46,800,+Bitcoin+has+a+market+cap+of+$870+billion,+compared+with+$2.6+trillion+for+gold+held+by+the+public&oq=At+its+current+price+around+$46,800,+Bitcoin+has+a+market+cap+of+$870+billion,+compared+with+$2.6+trillion+for+gold+held+by+the+public+&aqs=chrome..69i57j69i59.1034j0j7&client=ms-android-cubot&sourceid=chrome-mobile&ie=UTF-8&chrome_dse_attribution=1 You will find the same text all over the web when they see they price falling like it is now. Obviously trying to create the same hype that gave them lots of suckers in the past. Pump and dump, they call it.
Wow. That is a broad distribution. All the same key words, They don't even try hard enough. My friend in Africa who sells diamonds has a better campaign.
Nice. Some juice for google spider. Global market cap of entertainment $1.1T ~, out of it ~12% media. ~$130 B vs the capital of pro boys. (Blackrock alone ~$13T under management) You own the media, - you write whatever you want, be it about covi or bitcoin to $1 Million.
From the short time I have been on this board I've come to know that there are the pro cypto people and the anti crypto people. And I welcome the anti people, because it makes this forum interesting and also entertaining But damn, Bitcoin takes a 20% dip and all the haters come out of their rocks to say "The bulls are done, it's going to zero now!" Are you for real right now? This is just normal market price action. You might be right for the short term, but the bulls need this kind of market structure to push higher records. I welcome this dip and have loaded my bags, because I'm playing with the big boyz To all you holders out there, you got this