“We think that bitcoin’s market share will most likely rise over time as a byproduct of broader adoption of digital assets,” Zach Pandl, the co-head of global foreign exchange, rates and emerging market strategy for Goldman Sachs, said in the report.
He said bitcoin currently makes up about 20% of the so-called “store of value” market, a term used to describe gold, bitcoin and other alternative assets like currencies and commodities whose prices — in theory — should not depreciate much over a long period of time.
Pandl believes bitcoin could eventually make up 50% of the store of value market, which could push bitcoin about 17% to 18% higher annually for the next five years to top the $100,000 level.
“We think that comparing its market capitalization to gold can help put parameters on plausible outcomes for bitcoin returns,” Pandl added.
Read More: Goldman Sachs predicts bitcoin could hit $100,000