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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Price Prediction: VanEck Envisions $2.9 Million BTC By 2050

Ronaldo Marquez
Ronaldo Marquez
11 months ago
3 mins read
BlackRock

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Amid ongoing volatility for the Bitcoin price, which has struggled to reclaim its all-time high of $73,700, bullish predictions continue to emerge for the leading cryptocurrency. The latest forecast comes from VanEck, asset manager and Bitcoin ETF issuer with over $100 billion in assets under management.

Bitcoin Price Projection

In a recent update, VanEck projected that by 2050, the Bitcoin price could solidify its position as a key international medium of exchange, potentially becoming one of the world’s reserve currencies. This assertion is rooted in the anticipated decline in trust in current reserve assets, prompting a shift toward more stable alternatives like Bitcoin.

One of the primary barriers to Bitcoin’s widespread adoption has been its scalability issues. However, VanEck anticipates that these challenges will be addressed through the development of Layer-2 (L2) solutions, which enhance Bitcoin’s functionality and efficiency. 

By combining Bitcoin’s immutable property rights with the advanced features of L2 solutions, VanEck envisions a global financial system better equipped to meet the needs of the developing world.

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With this in mind, the firm believes that by 2050, Bitcoin could be used to settle 10% of international trade and 5% of domestic transactions, leading to central banks potentially holding 2.5% of their assets in BTC. 

Based on projections of global economic growth, BTC demand and turnover, VanEck estimates a potential price of $2.9 million per Bitcoin, which translates to a total market capitalization of approximately $61 trillion.

This forecast incorporates assumptions about the global trade landscape, with trade growth expected to lag behind overall Gross Domestic Product (GDP) growth—projected at 2% versus 3%. 

Moreover, VanEck anticipates a market share decline for traditional currencies, such as the US dollar and the Euro, due to deteriorating economic fundamentals, which would allow Bitcoin and other emerging currencies to gain traction.

Store Of Value Potential

From a medium-of-exchange perspective, VanEck suggests that Bitcoin could capture 10% of cross-border payments and 5% of domestic trade. The firm also highlights that as Bitcoin becomes increasingly recognized as a store of value, approximately 85% of the circulating supply may be effectively removed from the market, further driving its value.

The analysis reflects a broader trend of the Bitcoin price correlation with traditional risk assets, suggesting that its movements will remain closely linked to macroeconomic conditions. 

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As the global economy evolves, VanEck predicts that Bitcoin will become an essential component of the International Monetary System, gaining market share from existing reserve currencies.

Bitcoin price
The 1D chart shows BTC’s price volatility experienced over the last week. Source: BTCUSDT on TradingView.com

At the time of writing, the Bitcoin price stands at $59,140, up 3% in the last few hours after rebounding from a drop towards $57,000 on Monday. 

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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