Asset manager VanEck has made a bold prediction that Bitcoin (BTC), the largest cryptocurrency by market cap, could reach over $2.9 million per coin by the year 2050.
Asset manager VanEck has made a bold prediction that Bitcoin (BTC), the largest cryptocurrency by market cap, could reach over $2.9 million per coin by the year 2050. Even more striking is the firm's bullish scenario, where Bitcoin could soar to $52,386,207 per coin. This outcome hinges on the continued decline of current reserve currencies, the increasing attractiveness of Bitcoin, and improvements in scaling networks.
The report, authored by VanEck's digital assets research team members Matthew Sigel and Patrick Bush, anticipates that Bitcoin will become widely used in international trade. They foresee it evolving into a significant medium of exchange and a valuable store of wealth.
"As Bitcoin becomes more useful and valuable, central banks and long-term investors will want to hold more BTC, reducing the amount available in the floating supply," the report states. This reduction in supply could further drive up Bitcoin's price.
Analyzing global GDP and current growth projections, the report suggests that central banks may hold 2.5% of their assets in Bitcoin as a base projection, which could elevate the coin's price to $2.9 million. If global trade conducted in Bitcoin increases and the available supply decreases, the price could reach an astronomical figure of over $52 million.
However, the report underscores the importance of scaling networks for Bitcoin to achieve widespread use. "If Bitcoin cannot become an important medium of exchange because adequate scaling is not completed, our core thesis for its meteoric rise will be broken," it warns. BTC is currently trading at $66,488, up 3.5% in the past 24 hours.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
