Bitcoin could pass $100,000 if it replaces gold as a store of value, says Goldman Sachs
Bitcoin will continue to take market share from gold as part of broader adoption of digital assets, making the often touted price prediction of a $100,000 by advocates a possibility, according to Goldman Sachs Group.
Goldman estimates that Bitcoin's float-adjusted market capitalization is just under $700 billion. That accounts for 20% share of the "store of value" market which it said is comprised of Bitcoin and gold. The value of gold that’s available for investment is estimated at $2.6 trillion.
If Bitcoin's share of the store of value market were "hypothetically" to rise to 50% over the next five years, its price would increase to just over $100,000, for a compound annualized return of 17% or 18%, Zach Pandl, co-head of global FX and EM strategy, wrote in a note Tuesday.
Bitcoin traded around $46,000 on Tuesday in New York, after climbing about 60% last year. The largest digital asset by market value hit a record of almost $69,000 in November. It has surged more than 4,700% since 2016.
Although the Bitcoin network's consumption of real resources may be an obstacle to institutional adoption, that won't stop the demand for the asset, the note said.
Bitcoin has long been referred to as digital gold. And the criticisms levied at gold tend to apply to Bitcoin as well: It pays no interest or dividends, and it doesn't imitate the performance of more traditional assets. Advocates say Bitcoin, like gold, serves as protection against the systemic abuse of fiat currencies.
Bitcoin could pass $100,000 if it replaces gold as a store of value, says Goldman Sachs
解析：
1）Could <modal verb> used to say that something is possible or might happen.
2）Pass <verb> more than, to become more than a particular number or a mount.
3）As <prep, adv.> used to say what job, duty, use or appearance someone or something has 作為, 以….身份
4）A store of value is something that can be traded and that will also hold value over time. 價值儲存/ 儲值手段 (價值儲存是一種可以交易的東西，也可以隨著時間的推移保持價值)
5）Goldman Sachs /?go?ldm?n s?ks/ 高盛集團
Bitcoin will continue to take market share from gold as part of broader adoption of digitalassets, making [the often touted price prediction of a $100,000 by advocates] a possibility, according to Goldman Sachs Group.
解析：
1）Market share <noun> Market share is the percent of total sales in an industry generated by a particular company. 市場份額
2）Broader <adj.> = wider 較廣闊的，較廣泛的; 寬的( broad的比較級 )
3）Adoption <noun> the act of starting to use a particular plan, mentor, way of speaking etc. （想法、計劃、名字等的)采用
4）Asset <noun> the things that a company owns, that can be sold to pay debts. 資產(chǎn)
5）Touted /?ta?t?d/<adj.> to persuade something or someone in order to persuade people that they are important or worth a lot. 吹捧; 吹噓; 兜售; 推銷
6）Advocate /??dv?ke?t / <noun> someone who publicly supports someone or something. 擁護者; 支持者; 提倡者;
Goldman estimates that Bitcoin's float-adjusted market capitalization is just under $700 billion. That accounts for 20% share of the "store of value" market [which it said is comprised of Bitcoin and gold]. The value of gold [that’s available for investment] is estimated at $2.6 trillion.
解析：
1）Estimate <verb> to try to judge the value, size, speed, cost etc. of something, without calculating it exactly. 估計; 估算; 估價
2）Float- adjusted <adj.> 浮動調(diào)整
3）Capitalize <verb> to calculate the value of a business based on the value of its shares 使...資本化; 變現(xiàn); 為…提供運營資本(或資金);
-- Capitalization <noun> 資本化;
-- float-adjusted market capitalization 浮動調(diào)整后的市值
4）Account for <phr.> to form a particular amount or part of something（數(shù)量或比例上）占5）Comprise /k?m?pra?z/ <verb> to consist of particular parts, groups etc. 包含; 包括; 組成; 構(gòu)成; 由…組成; 是(某事物的)組成部分-- Be comprised of sb/sth
If Bitcoin's share of the store of value market were "hypothetically" to rise to 50% over the next five years, its price would increase to just over $100,000, for a compound annualized return of 17% or 18%, Zach Pandl, co-head of global FX and EM strategy, wrote in a noteTuesday.
解析：
1）Hypothetically /haip?u’θetik?li/<adv.> based on a situation that is not real, but that might happen. 假設(shè)地 假想地
2）a compound /?k?mpa?nd / annualized /??nju?la?zd/ return = 復合化年回報率
3）Note <noun> an official letter or document. 報告，文件
Bitcoin traded around $46,000 on Tuesday in New York, after climbing about 60% last year. The largest digital asset by market value hit a record of almost $69,000 in November. It has surged more than 4,700% since 2016.
解析：
1）Hit a record /?rek??d/ of …, 創(chuàng)下…. 紀錄
2）Surge <verb> to suddenly move very quickly in a particular direction 急劇上升; 飛漲
Although the Bitcoin network's consumption of real resources may be an obstacle to institutional adoption, that won't stop the demand for the asset, the note said.
解析：
1）Consumption <noun> the amount used or eaten 消耗量
2）Obstacle /??bst?kl/ <noun> something that makes it difficult to achieve something, 障礙
3）Demand for something … 對…的需求
Bitcoin has long been referred to as digital gold. And the criticisms levied at gold tend to apply to Bitcoin as well: It pays no interest or dividends, and it doesn't imitate the performance of more traditional assets. Advocates say Bitcoin, like gold, serves as protection against the systemic abuse of fiat currencies.
解析：
1）Has been referred to …
2）Levied /?levid/ 征（兵）( levy的過去式和過去分詞 ); 征稅.
-- Levy <verb> to officially say that people must pay a tax or charge 征稅,
-- the criticisms levied at gold 對黃金的批評
3）Dividend /?d?v?dend/ <noun> a part of a company’s profit that is divided among the people with shares in the company 股息; 股利; 紅利; (足球彩票的)彩金
4）Imitate <verb> to copy something because you think it is good. 模仿
5）Systemic /s??sti?m?k/ <adj.> 涉及全系統(tǒng)的; 系統(tǒng)的
6）Fiat /?fi??t/ <noun> (當權(quán)者的)法令，命令，諭
-- Fiat currencies 法定貨幣
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