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RIYAD: Bitcoin, the main cryptocurrency internationally, traded lower on Thursday, falling 8.42% to $ 42,874 at 1:58 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $ 3,353, down 12.36%, according to data from Coindesk.

Other news:

Bitcoin will pull market share away from gold in 2022 as digital assets become more widely adopted, Goldman Sachs analyst Zach Pandl said in a research note to clients.

Citing Bitcoin’s $ 700 billion market capitalization, compared to around $ 2.6 trillion in gold held as an investment, Goldman Sachs said the cryptocurrency currently holds 20% of the store of value market.

Bitcoin will most likely become a larger proportion over time, Goldman Sachs said in a 2022 forecast list.

In a hypothetical scenario where Bitcoin captures a 50% share of that market, its price will rise to just over $ 100,000, the note says.

“Bitcoin can have applications beyond a simple ‘store of value’ and digital asset markets are much more important than Bitcoin, but we believe comparing its market capitalization to gold can help define metrics on the plausible results of Bitcoin returns, ”Pandl wrote.

“Store of value” generally describes assets that can maintain their value over time without depreciating, such as precious metals or certain currencies.

El Salvador

El Salvador’s Finance Minister Alejandro Zelaya said on Tuesday that his government would send around 20 invoices to Congress regarding the country’s Bitcoin bonds.

The bills will cover financial markets and investments in securities to provide a legal basis for the issuance of Bitcoin bonds, he explained, adding that the legislation will create a framework to cover the corresponding market regulation. and the issuance of securities in crypto assets.

“It’s about providing legal structure and legal certainty for everyone who buys the Bitcoin bond,” Zelaya said.

The Salvadoran government has made it clear that half of the money raised through Bitcoin bonds will be used to build infrastructure and the rest to buy Bitcoin.

Adoption

Nasdaq-listed Moneygram International announced on Wednesday that the company has made a strategic minority investment in Coinme, one of the largest cryptocurrency exchanges in the United States.

This company gives Moneygram an approximate 4% stake in Coinme, Bitcoin.com reported.

“At Moneygram, we continue to be optimistic about the vast opportunities that exist in the ever-growing cryptocurrency world and our ability to function as a compliant bridge to connect digital assets to local fiat currency,” Alex Holmes , Chairman and CEO of Moneygram mentioned.

Moneygram’s investment will support Coinme’s international expansion plans and other growth initiatives.

Shirlene J. Manley