In other words, if Bitcoin or cryptocurrencies were more correlated to existing assets, the asymmetric profit margin would be reduced. The comments come at a time when crypto markets are showing a higher correlation with equity markets, particularly this month, and projections for 2022 do not favor a strong recovery, at least initially.
Yet not even Goldman himself has fully subscribed to a narrative, reasoning in early January that BTC/USD could still hit $100,000, somewhat ironically stealing market share from gold and attracting thus to the more traditional investors.
The opinion of a guru
Although Bitcoin and other cryptocurrencies are suffering their particular crypto winter in recent days, they have already been in a downward trend since last December, there are many people and certain institutions that are betting on the most famous digital currency, and it seems that it has the secure future.
Although Bitcoin saw its value decrease somewhat after the recent announcement by the Federal Reserve about the rate hike for March, many are seeing it as an opportunity for the future.
And it is that thinking in the long term, Buying Bitcoin now can make you rich in a few years, at least that’s what investment firm ARK Invest believes. (founded by the Wall Street investment superstar, Cathie Wood) who in their Big Ideas 2022 report assure that, in view of the different estimates, Bitcoin could exceed one million dollars in 2030.
In the part of the report where they talk about Bitcoin estimates, titled A Monetary Revolution, it is written by Yassine Elmandjra. In the brief, they state that Bitcoin’s market capitalization still represents a small fraction of global assets and is likely to increase as states and nations adopt it as legal tender. However, they concluded that the volume of accumulated Bitcoin transfers has increased by 463% in 2021, surpassing the annual settlement volume of Visa payments and the trend does not seem to dissipate in 2022.
Source: Ambito
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