Bitcoin's (BTC-USD) is expected to take "store of value" market share from gold "over time" as as more investors embrace digital assets and potentially due to bitcoin-specific scaling solutions, writes Goldman Sachs's Zach Pandl in a note to clients. The World Gold Council estimates that the private sector owns 44,000 metric tonnes of gold for investment purposes, implying a $2.6T market at $1,800 per troy ounce. That puts Bitcoin's (BTC-USD) float-adjusted market capitalization at just under $700B recently. "Therefore, bitcoin currently commands a roughly 20% share of the 'store of value'," Pandl figures. If bitcoin's (BTC-USD) share in that market rises to 50% over the next five years, with no growth in overall demand for stores of value, its price would climb to just over $100K, Pandl hypothesizes. That comes to a compound annualized return of 17%-18%, accounting for growth in bitcoin supply over time, he adds. Still, the world's
