{"id":15554,"date":"2024-07-25T16:40:17","date_gmt":"2024-07-25T13:40:17","guid":{"rendered":"https:\/\/forklog.com\/en\/vaneck-predicts-bitcoin-could-reach-2-9-million-by-2050\/"},"modified":"2024-07-25T16:40:17","modified_gmt":"2024-07-25T13:40:17","slug":"vaneck-predicts-bitcoin-could-reach-2-9-million-by-2050","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/vaneck-predicts-bitcoin-could-reach-2-9-million-by-2050\/","title":{"rendered":"VanEck Predicts Bitcoin Could Reach $2.9 Million by 2050"},"content":{"rendered":"<p>According to VanEck&#8217;s &#8220;base scenario,&#8221; the price of the leading cryptocurrency could reach $2.9 million by 2050, driven by its adoption as a global medium of exchange and reserve currency.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">We outline the scenarios and assumptions for 7-figure <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> driven by its role as a global medium of exchange and reserve currency supported by Bitcoin Layer-2 solutions. <a href=\"https:\/\/twitter.com\/matthew_sigel?ref_src=twsrc%5Etfw\">@Matthew_Sigel<\/a> <a href=\"https:\/\/twitter.com\/Patrick_Bush_VE?ref_src=twsrc%5Etfw\">@Patrick_Bush_VE<\/a><br \/> <a href=\"https:\/\/t.co\/BJfuo1iHlj\">https:\/\/t.co\/BJfuo1iHlj<\/a><\/p>\n<p>\u2014 VanEck (@vaneck_us) <a href=\"https:\/\/twitter.com\/vaneck_us\/status\/1816173123643043885?ref_src=twsrc%5Etfw\">July 24, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Matthew Sigel, Head of Digital Asset Research at the firm, and Senior Investment Analyst Patrick Bush, believe that in a bearish scenario, the price could rise to $130,314. The most optimistic estimate is $52.4 million.<\/p>\n<p>VanEck&#8217;s &#8220;base scenario&#8221; suggests that by 2050, Bitcoin will facilitate 10% of global trade, and central banks will convert 2.5% of their reserves into digital gold.<\/p>\n<p>As a result, the cryptocurrency&#8217;s market capitalization could reach $61 trillion.<\/p>\n<p>The experts based their calculations on forecasts of global economic growth, increasing debt burdens in developed countries, and changes in the international monetary system.<\/p>\n<p>The report notes that solving Bitcoin&#8217;s historical scaling problem through the development of Layer-2 solutions will enable the asset to effectively serve global finance.<\/p>\n<p>Amid the trend of moving away from major reserve currencies like the dollar, euro, pound sterling, and yen, cryptocurrency could serve as a gold analogue with greater flexibility and efficiency. Among Bitcoin&#8217;s other advantages, experts cited:<\/p>\n<ul class=\"wp-block-list\">\n<li>immutable property rights;<\/li>\n<li>neutrality;<\/li>\n<li>immutable monetary policy;<\/li>\n<li>no need for trust.<\/li>\n<\/ul>\n<p>Analysts also listed risks that could hinder the cryptocurrency&#8217;s growth. One major issue is ensuring the sustainability of mining. The asset&#8217;s extraction consumes a significant amount of energy, necessitating innovations in chip production.<\/p>\n<p>Sigel and Bush described the miners&#8217; economy as &#8220;unfortunate&#8221;\u2014with emission reductions, they are forced to rely on fees. However, transaction fees do not provide sufficient income, as Bitcoin&#8217;s turnover rate is, for example, 30 times lower than that of the dollar.<\/p>\n<p>Experts noted the threat of competition from other digital assets, as well as the possibility of coordinated efforts by authorities worldwide to impose restrictive measures on the leading cryptocurrency.<\/p>\n<p>Earlier, analysts at Standard Chartered predicted Bitcoin could rise to $100,000 by the U.S. presidential elections in November. Bitwise offered a similar estimate for the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to VanEck&#8217;s &#8220;base scenario,&#8221; the price of the leading cryptocurrency could reach $2.9 million by 2050, driven by its adoption as a global medium of exchange and reserve currency. We outline the scenarios and assumptions for 7-figure #Bitcoin driven by its role as a global medium of exchange and reserve currency supported by Bitcoin [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15553,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1146,1252,783],"class_list":["post-15554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-market-forecasts","tag-reports","tag-vaneck"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15554","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=15554"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15554\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/15553"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=15554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=15554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=15554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}