Goldman Sachs says bitcoin will compete with gold as “store of value”

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Reuters UK

LONDON (Reuters) – Bitcoin will take market share away from gold in 2022 as digital assets become more widely adopted, Goldman Sachs analyst Zach Pandl said in a research note to clients. Citing bitcoin’s $700 billion market capitalization, compared to the around $2.6 trillion worth of gold owned as an investment, Goldman Sachs said that the cryptocurrency currently has a 20% share of the “store of value” market. Bitcoin will “most likely” become a bigger proportion over time, Goldman Sachs said, in a list of 2022 predictions. In a hypothetical scenario in which bitcoin grabs a 50% share of th…

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