The US multinational investment bank Goldman Sachs highlighted a scenario in which bitcoin hits the often-touted price milestone of $100,000. To reach that price level, institutional adoption towards the primary cryptocurrency needs to increase significantly and surpass gold.
The Wall Street behemoth has displayed a controversial approach to the cryptocurrency space over the years. It seems like its ever-changing view is influenced by the momentary situation of the digital asset industry.
Amid the parabolic price increases of most tokens in 2017, Goldman Sachs vowed to launch a crypto trading desk. Following the year-long bear market in 2018, though, the company halted the initiative.
Last year, the investment bank continued with its dubious views, jumping from supporting the cryptocurrency industry to claiming that bitcoin is not a substitute for gold but copper.