Goldman Sachs analyst Zach Pandl, provided his outlook for bitcoin in a research note to clients, stating that he believes Bitcoin will take more market share away from gold, as a store of value.

According to the analyst, Bitcoin, with its current float-adjusted market capitalization under $700 billion, accounts for a 20% share of the “store of value” market. The total of this market, comprised of gold and bitcoin, is worth around $2.6 trillion, and if bitcoin’s share continues to rise, for example, up to 50% over the next five years, the price would increase to around $100,000 and more.