Goldman Sachs in a recent survey revealed that 22% of its clients expectbitcoin 's price to hit at least $100,000 in the next 12 months.- 54% predict the price of the cryptocurrency will hover between $40,000 to $100,000 in the same period.
- Published on March 3, the investment bank surveyed 280 respondents on their exposure, perspective, and outlook of digital assets.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell
Published on March 3, the investment bank surveyed 280 respondents on their exposure, perspective, and outlook of digital assets. The same survey also showed that 40% have exposure to cryptocurrencies.
57% believe that positive news such as institutional investing drove the price higher. In February, major companies threw their weight behind bitcoin, including Tesla and MasterCard, while the token saw renewed backing from MicroStrategy.
Looking ahead, 34% of the respondents believe the greatest hurdle in allocating money to digital assets is regulation, while 24% see the lack of well-regulated and investible assets as the greatest obstacle.
US treasury Secretary Janet Yellen has been vocal about her criticism of bitcoin, saying it has been a tool to "launder the profits of online drug traffickers." The former Federal Reserve chief has also cast doubt on the utility of bitcoin as a form of payment.
On March 1, it was reported that Goldman Sachs Group restarted its cryptocurrency trading desk amid a boom in bitcoin. The desk, Reuters reported, will be part of the bank's efforts to keep up with the rapidly evolving digital assets sector.
Bitcoin in February cracked the $1 trillion dollar market capitalization threshold and jumped to $58,640, its highest record to date. Bitcoin has risen 63% year-to-date.
Bitcoin traded lower by 3% on Friday, at $47,516.