VanEck Predicts Bitcoin Price Could Hit $52.38 Million, Here’s When
25 Julio 2024 - 3:00AM
NEWSBTC
In a new report dated July 24, 2024, from VanEck, the investment
firm’s digital assets research team, headed by Matthew Sigel and
Patrick Bush, sets forth an exceptional prediction: Bitcoin could
soar to a value of $52.38 million per coin by 2050 in their most
bullish scenario. The analysis, titled “Bitcoin 2050 Valuation
Scenarios: Global Medium of Exchange and Reserve Asset,” paints a
picture of Bitcoin transforming into a cornerstone of the global
monetary framework, functioning as both a major international
medium of exchange and a reserve currency. How Bitcoin Could Hit
$52.38 Million The report elaborates on Bitcoin’s potential
trajectory, forecasting its establishment as a primary reserve
currency by mid-century. “By 2050, we see bitcoin solidifying its
position as a key international medium of exchange, ultimately
becoming one of the world’s reserve currencies,” the researchers
state. This scenario is founded on the expectation that the current
trust in traditional reserve assets will erode, mainly due to the
unsustainable fiscal policies and geopolitical decisions of today’s
economic leaders. Related Reading: Bitcoin Price Prints Rare Buy
Signal With 84% Win Rate, $80,000 Coming? VanEck predicts that the
resolution of Bitcoin’s scalability issues through emerging Layer-2
solutions will significantly enhance its functionality, making it
an attractive option in the financial systems of developing
nations. “The combination of Bitcoin’s immutable property rights
and sound money principles with the enhanced functionality provided
by L2 solutions could enable the creation of a global financial
system capable of better meeting the developing world’s needs,”
Sigel and Bush argue. Within their analysis of the International
Monetary System (IMS), VanEck underscores the declining relevance
of the principal currencies—USD, EUR, JPY, and GBP—in global trade.
They foresee a reduction in their collective share of cross-border
payments from 86% in 2023 to 64% in 2050. “This opens significant
opportunities for Bitcoin to become an important alternative to
settle international trade,” the report suggests. The base case
scenario envisions Bitcoin reaching a valuation of $2.9 million per
coin by 2050. This prediction is anchored in the cryptocurrency’s
projected role in settling a portion of global trade—10% of
international and 5% of domestic trade—combined with a significant
allocation as a central bank reserve. “This scenario would result
in central banks holding 2.5% of their assets in BTC, contributing
to a total market cap of $61 trillion.” In this view, Bitcoin is
anticipated to make up 1.66% of World Financial Assets, leveraging
the anticipated growth in global trade and investment demand.
Related Reading: Bitcoin Traders Brace for Impact: QCP Capital
Signals Incoming Price Drop—Here’s Why The bull case, however,
projects The bull case scenario presented by VanEck outlines an
even more optimistic outlook where Bitcoin’s integration into the
global economy is profoundly more significant. The report suggests
Bitcoin could facilitate 20% of global international trade and 10%
of domestic trade volumes by 2050. In this scenario Bitcoin
comprises a staggering 29.79% of global financial assets. Notably,
this scenario implies that nearly 99% of Bitcoin’s supply would be
removed from circulation, attributed to its store of value
properties, leaving only about 210,000 BTC in active circulation.
The report also highlights existing limitations in Bitcoin’s
ability to function as a medium of international trade,
particularly its current transaction processing capacity and lack
of support for complex smart contracts. However, VanEck is
optimistic about future improvements, suggesting that “ongoing
development in Bitcoin’s infrastructure, particularly through
Layer-2 solutions, will progressively enhance its functionality and
appeal as a robust, decentralized financial system.” Concluding the
analysis, VanEck envisions Bitcoin not merely as a financial tool
but as a transformative economic force that redefines money in a
global context. “Bitcoin applies constitutional constraints to
money, representing a system created by the people, for the people,
and might serve as the ultimate check against the often arbitrary
financial powers of the state,” the report reflects. At press time,
BTC traded at $64,210. Featured image created with DALL·E, chart
from TradingView.com
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