VanEck Predicts Bitcoin to Hit $52M by 2050, Transforming Global Trade and Financial Systems
July 26, 2024VanEck predicts Bitcoin's rise due to declining leading economies and waning confidence in traditional currencies.
Fiscal mismanagement and weakening property rights in major economies could prompt a shift away from fiat currencies.
VanEck anticipates a decrease in the significance of major currencies like USD, EUR, JPY, and GBP in global trade, creating opportunities for Bitcoin in international settlements.
In a bullish scenario, VanEck envisions Bitcoin facilitating 20% of global international trade and 10% of domestic trade by 2050, potentially representing almost 30% of global financial assets.
VanEck's report projects Bitcoin potentially reaching $52.38 million per coin by 2050 in an optimistic scenario, positioning it as a global medium of exchange and reserve asset.
VanEck forecasts central banks holding 2.5% of their assets in BTC by 2050, contributing to a projected total market cap of $61 trillion.
Bitcoin could settle 10% of global international trade and 5% of world domestic trade by 2050, according to VanEck's base case scenario.
A crypto analyst predicts Bitcoin could surge to $263,000 by the end of 2024 based on the 'Cup with Handle' chart pattern.
Analyst Ali Martinez identifies $66,000 as a critical support level for Bitcoin, potentially paving the way for a new all-time high rally.
Bitcoin's bullish surge to $263,000 is contingent on its current price surpassing $68,000.
Bitcoin Layer-2 solutions could collectively be valued at $7.6 trillion, representing about 12% of Bitcoin's total value.
VanEck concludes that Bitcoin could serve as a transformative economic force, applying constitutional constraints to money and potentially acting as a check on financial state powers.
Summary based on 5 sources
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Sources
CoinDesk • Jul 25, 2024
VanEck Sees Bitcoin Hitting $2.9M by 2050 – but a Lot Has to Happen FirstCointelegraph • Jul 25, 2024
VanEck says Bitcoin could hit $2.9 million per coin by 2050NewsBTC • Jul 25, 2024
VanEck Predicts Bitcoin Price Could Hit $52.38 Million, Here’s WhenNewsBTC • Jul 25, 2024
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