End of Gold Era - Wall Street Bank Prediction

A Wall Street bank predicts that the gold era may be coming to its end, as Bitcoin may overtake the market in 2022. A Goldman Sachs analyst noted in research that cryptocurrencies and digital assets would surge in price and attract more investor interest increasingly.

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The 2022 predictions from the bank's analyst Zach Pandl pointed that Bitcoin will "most likely" take a bigger piece of the pie, estimating that in the current year will reach a 20 percent, calculated in comparison with the cryptocurrency's $700 billion market capitalization to the roughly $2.6 trillion worth of gold in global investments.

According to  Pandl, "bitcoin may have applications beyond simply a store of value – and digital asset markets are much bigger than Bitcoin – but we think that comparing its market capitalization to gold can help put parameters on plausible outcomes for Bitcoin returns."

"Store of value" refers to the capacity to retain the worth of the assets for a long time without depreciating, like the case of precious metals.

Coindesk data indicated by 2 pm on Wednesday that Bitcoin was trading around $46,456. 2021 was a rough time for the world's largest cryptocurrency, with a devaluation from $60,000 in April to nearly $30,000 in July.

Last November, Bitcoin's price reached an all-time high of some $69,000. The cryptocurrency is now struggling to surpass the $50,000 benchmark after dropping last December.