[이코노믹리뷰=정다희 기자] Goldman Sachs said that the proportion of institutional investors in the bitcoin market is around 1%. Although the bitcoin market is maturing, the level of institutional investment is still very low.
According to CNBC on the 12th (local time), Jeff Curry, head of product research at Goldman Sachs, said, “Although the bitcoin market has started to mature, the proportion of institutional investors is still very small.”
In an interview with CNBC, Currie told CNBC, “There are risks associated with volatility in all early markets. The key to market stability is seeing increased institutional investor participation.” “Right now, only about 1% of the more than $600 billion invested in Bitcoin is institutional funds,” Curry said.
JP Morgan recently saw that Bitcoin is competing with gold as a safe asset and that it could rise to $146,000 in the long run. However, he explained that price volatility should be drastically lowered so that institutional investors can make large-scale investments.
Bitcoin price began to skyrocket at the end of last year, rose close to $42,000 on the 8th, and plummeted to around $30,000 on the 11th at one time.
Bitcoin’s valuation method is also pointed out as a problem. Unlike stocks, Bitcoin has no indicator of whether it is overvalued or undervalued. The current bitcoin value is calculated by multiplying the bitcoin price by the number of coins in circulation. This is more than $600 billion.
Curry added, “(Bitcoin price) will reach equilibrium in the long run, but the volatility and uncertainty of the market makes it very difficult to forecast.”