A top Cryptocurrency Investor, Goldman Sachs has predicted BTC to surpass the 90,000 boundary.
One of the major features that could make the coin rise is due to the recent adoption of digital assets and bitcoin’s scaling solutions.
The cryptocurrency’s price could surpass $100,000 in a hypothetic scenario when bitcoin BTC/USD, +0.78% takes up 50% of the “store of value” market over the next five years, assuming no growth in overall demand for stores of value, Zach Pandl, co-head of global FX, rates & EM strategy, wrote in notes.
Bitcoin currently takes up about 20% of the “store of value” market, with a float-adjusted market capitalization of under $700 billion.
Bitcoin is recently trading at around $46,390, down 1% over the past 24 hours and down more than 30% from its November high of $68,990.
The high energy consumption of bitcoin mining could “remain an important obstacle” on institutional adoption of the cryptocurrency, the report says.