[Bitcoin Now] Staying in the 56 Million KRW Range... Goldman Sachs Predicts Over $100,000 Within 5 Years

"Bitcoin's Store of Value Market Share to Be Raised to 50%"

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin remains sluggish, staying in the 56 million KRW range. However, the major U.S. investment bank Goldman Sachs predicts that Bitcoin will exceed $100,000 (approximately 119.88 million KRW) within five years.

According to the domestic cryptocurrency exchange Upbit, as of 1:55 PM on the 5th, Bitcoin recorded 56.41 million KRW, up 0.70% from the previous day. It showed little movement around the 56 million KRW range, including 56.67 million KRW at 12:24 PM on the same day.

Bitcoin has been sluggish since the beginning of this year. After falling below 60 million KRW on the 28th of last month, it has remained in the high 50 million KRW range. The highest price this year was 58.3 million KRW, recorded on the 2nd.

Nevertheless, Goldman Sachs forecasts that Bitcoin will exceed 100 million KRW within five years. According to the U.S. economic media Bloomberg on the 4th (local time), Zac Pandle, Head of Global FX and Emerging Markets Strategy at Goldman Sachs, stated, "If Bitcoin’s market share in the store-of-value market rises to 50% over the next five years, its price will exceed $100,000."

According to Goldman Sachs, Bitcoin’s market capitalization is about $700 billion, which corresponds to 20% of the store-of-value market. The market capitalization of gold is estimated at $2.6 trillion. Pandle explained, "The fact that Bitcoin mining consumes physical resources could be an obstacle to institutional investor participation," but added, "Demand for Bitcoin will not stop."

Predictions that Bitcoin will replace gold have been consistently made. According to the U.S. economic media CNBC in November last year, Michael Saylor, CEO of MicroStrategy, the private company holding the largest amount of Bitcoin, said, "By the end of this century, Bitcoin will surpass gold as a store of value." Scott Minerd, Chief Investment Officer (CIO) of Guggenheim Partners, also predicted that Bitcoin will replace gold and could rise to $400,000 to $600,000.

This content was produced with the assistance of AI translation services.