Wall Street has been notoriously sceptical of cryptocurrencies, but there’s some bullish forecasting from Goldman Sachs on the prospects for Bitcoin.
The bank said the $100,000 price milestone often touted by advocates of the digital coin is very much a possibility as it continues to win market share from gold.
Goldman said that while Bitcoin’s consumption of natural resources may be a barrier to institutional adoption, this wouldn’t hurt demand for the asset.
Bitcoin is currently trading at around $46,000, having hit a new high of $69,000 last year.
5 things to start your day
1) New energy crisis talks as cold snap sends gas prices soaring Business Secretary is scrambling to avoid another string of supplier collapses following last year’s crisis
2) Best-paid Clifford Chance partner takes home record £3.2m Profit share for the magic circle firm’s highest-earning lawyer jumped by a fifth last year amid a deals boom
3) Twitter bans popular news aggregator Politics For All The social media company said the decision was due to violations to its audience manipulation rules
4) Sterling nudges €1.20 as prospect of February interest rate rise mounts Pound hits two-year high against the single currency and gains ground against the dollar
5) British Lithium moves a step closer to UK production The company is now able to make 5kg of cost-effective lithium carbonate a day in a boost for the electric car industry
What happened overnight
Markets struggled in Asia on Wednesday following a tepid lead from Wall Street, with inflation and expected interest rate hikes returning to the key focus of concerns as Omicron fears fade for now. Wellington, Taipei and Jakarta rose along with Manila where trading resumed after being cancelled on Tuesday owing to a technical glitch. Tokyo was flat with the yen holding losses at a four-year low against the dollar.
Coming up today
- Corporate: No scheduled updates
- Economics: Final services and composite PMI (eurozone, France, Germany, US), ADP employment change, FOMC minutes (US)