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VanEck predicts the Bitcoin price in their report, which highlights the potential of BTC become the dominant medium of exchange
Author: Chirag Sharma
VanEck, a renowned asset management giant, has released a highly optimistic report on Bitcoin (BTC), forecasting its potential to become the dominant medium of exchange and store of value globally. This bullish outlook stems from anticipated increases in foreign trade and cross-border remittances. VanEck predicts, Bitcoin could reach a staggering price of $2.9 million per coin by 2050.
The report, titled “Bitcoin 2050 Valuation Scenarios: Global Medium of Exchange and Reserve Asset,” was authored by Matthew Sigel, Head of Digital Assets Research, and Patrick Bush, Senior Investment Analyst at VanEck. The authors highlight several alarming monetary trends in the fiat world, such as surging national debts and the increased use of foreign sanctions as political instruments. These factors, according to VanEck, will diminish the role of traditional global reserve currencies like USD, EUR, and JPY.
VanEck predicts that Bitcoin has the potential to replace these fiat currencies as a global reserve asset. The increased demand for Bitcoin from both institutions and retail investors is expected to play a significant role in this transition.
VanEck’s report outlines three scenarios for Bitcoin’s future valuation:
In all scenarios, VanEck predicts that Bitcoin will meet increased demand as a reliable store of value and medium of exchange.
For these optimistic scenarios to materialize, significant infrastructural advancements are necessary. VanEck predicts that Bitcoin layer-2 solutions will be essential mechanisms for its future. These solutions will enhance Bitcoin’s scalability and transaction efficiency, making it more practical for everyday use.
The bullish scenario, which projects Bitcoin at $52 million per coin, appears eccentric due to the drastic reduction in circulating supply required. VanEck predicts that by 2050, Bitcoin must lose almost 94% of its circulating supply to achieve this valuation. Additionally, the report suggests that Bitcoin would need to replace a significant portion of all financial assets in existence.
VanEck’s projections present a compelling case for Bitcoin’s future as a global financial asset. These predictions underscore the transformative potential of Bitcoin in the global economy.
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