Goldman Sachs Gives Bitcoin a Thumbs Up: Is It Time to Buy?
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The Wall Street giant praises Bitcoin (BTC) as the best-performing asset of 2023
If you are looking for a good investment opportunity in 2023, you might want to listen to Goldman Sachs. The prestigious bank has recently published a research note stating that bitcoin is now an investable asset and has outperformed all other assets and sectors in terms of year-to-date and risk-adjusted returns.
Bitcoin, the world’s largest cryptocurrency by market capitalization, has been on a tear since the beginning of the year. It has soared from $16,500 on January 1 to over $28,000 at the time of writing, a whopping 70% increase. This impressive rally has fueled optimism among investors and analysts who believe that bitcoin has entered a new bull market after a prolonged bearish phase in 2022.
Some of the reasons behind bitcoin’s surge include growing institutional adoption, increasing public awareness, and rising demand for alternative assets amid global economic uncertainty. Eric Peters, CEO of One River Digital Asset Management, said that the next phase of bitcoin’s growth will be “very powerful” as more major institutions will join the crypto space.
Ryan Selkis, CEO of Messari, a crypto-intelligence firm, also predicted that bitcoin could reach $100,000 by the end of 2023. He argued that bitcoin will act as “a life raft and peaceful exit option” for investors who want to escape from the potential turmoil in the traditional financial system, such as bank failures and hyperinflation.
Bitcoin to hit $1 Million in 90 Days: Balaji Srinivasan
Speaking of hyperinflation, Balaji Srinivasan, Coinbase’s former CTO, made a bold bet that bitcoin will hit $1 million in 90 days. He based his wager on the possibility of a collapse of the US banking system and a massive devaluation of the US dollar.
Of course, not everyone is convinced by Bitcoin’s stellar performance. Some skeptics still doubt its legitimacy, volatility, security, and environmental impact. Bitcoin also faces regulatory challenges and competition from other cryptocurrencies.
However, if Goldman Sachs’ endorsement is anything to go by, bitcoin might have more room to grow in 2023. As they say on Wall Street: don’t fight the trend.
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