With 40% growth, January 2023 risks becoming the best month for Bitcoin in 10 years. One of the world’s largest banks, Goldman Sachs, has rated the cryptocurrency as the most profitable asset, including on a risk-adjusted basis. Bitcoin outperformed gold, stock markets and the real estate sector by a significant margin.

Image source: twitter.com/DocumentingBTC

A year ago, GS predicted Bitcoin would hit the $100k mark in the long term, as the digital asset would eventually take share away from gold, which is seen as a hedge against inflation.

The same figure was obtained by analysts from Pureprofile after conducting a study commissioned by Nickel Digital Asset Management. The expert interview involved 200 institutional investors and asset managers from the US, EU, Singapore, UAE and Brazil. The respondents’ combined funds under management totaled $2.85 trillion.

The survey found that nine out of ten investors predict Bitcoin will grow in 2023, and two-thirds of respondents agree with the prospect of $100k in the long term. By the end of this year, 23% of respondents expect a price above $30 thousand.

Image source: cryptocurrency exchange StormGain

Markus Thielen, an analyst at Matrixport, said in a note to clients that January’s rebound is largely due to interest from U.S. institutional investors: “Organizations are buying not only spot but also futures contracts, which is reflected in the rising premium. We interpret this as a sign of hedge funds buying out the long decline in the crypto market.”

The increased interest in cryptocurrency is also evidenced by the chart of open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME), which in dynamics significantly overtakes the price: the rise for the month amounted to 77%, reaching $2.3 billion.

Image source: coinglass.com

The current price hike is finding more and more resonance in the hearts of investors, but market participants should be cautious. The Fed has not yet given up on tightening monetary policy, and there is still a risk of the global economy plunging into recession. If traditional financial assets collapse, it will be difficult for Bitcoin to maintain positive dynamics.