VacEck Places $52.4 Million Price Tag On Bitcoin, But How Is This Possible?
26 Luglio 2024 - 3:00PM
NEWSBTC
American investment management firm VanEck has set an astonishing
price target for Bitcoin (BTC), the world’s largest cryptocurrency.
This forecast, which seems almost inconceivably high compared to
most market predictions, has garnered significant attention.
Despite the ambitious forecast, VanEck’s research team has
presented a comprehensive rationale explaining why they believe
such a substantial price increase is attainable.
VanEck Predicts Bitcoin Valuation For 2050 On July 24, VanEck
published a report, outlining the teams’ assumptions for a bull
scenario in which BTC could potentially rise to $52.38 million by
2050. Notably, the research team predicted Bitcoin’s future price
based on three scenarios during a Base, Bear and Bull market.
Related Reading: Ethereum Whales Rapidly Accumulate ETH Amid Price
Decline For the base scenario, VanEck’s team believes that Bitcoin
could potentially surge as high as $2.9 million by 2050. The
analysts have rooted their predictions on the possibility that
Bitcoin could be utilized to settle 10% of the globe’s
international trade and 5% of the world’s domestic
trade. Under this scenario, central banks may hold
about 2.5% of their assets in Bitcoin, further increasing its
adoption and exposure. VanEck’s team has also attributed their
projected surge in BTC’s value to assumptions of anticipated global
growth, rising investor demand and Bitcoin’s substantial
transaction volume. The research team estimated Bitcoin’s
value for 2050 using a simple velocity of money equation that
includes three key factors – GDP of trade settled in Bitcoin,
supply of circulating Bitcoin and Velocity of Bitcoin in the
market. While predicting a bull surge to $52.38 million, VanEck’s
analysts assumed that by 2050, Bitcoin will play a crucial role in
the international monetary system, capturing significant market
share from major currencies. Additionally, they expect Bitcoin to
become widely adopted for international trade, transforming into a
major medium of exchange and a key store of value. Moreover, VanEck
believes that BTC could act as a reserve currency for different
countries. The team has noted that Bitcoin was designed to
replace fiat money and could become a reliable and efficient
alternative to current monetary systems, which feature “corruptible
human authorities with immutable logic.” VanEck’s Bearish
Scenario For BTC While the VanEck team estimated an exceptionally
ambitious price target for Bitcoin in 2050, they also presented a
more bearish scenario for the pioneer cryptocurrency. Under less
favourable conditions, analysts suggest that Bitcoin could hit a
price level of $130,314 by 2050. Related Reading: Cardano In
The Spotlight: Why The $0.6 Level Is Important To ADA A target of
$130,314 over the next 25 years, could be the most bearish scenario
for Bitcoin’s value. This contrasts sharply with predictions from
analysts at financial firms like Standard Chartered and Bernstein,
who forecast that Bitcoin could surge as high as $150,000 by the
end of 2024 and $200,000 by 2025, respectively. Despite
VanEck’s pessimistic assumption, at press time, Bitcoin’s price is
trading at $67,101, reflecting a 4.24% increase in the last 24
hours and another 4.78% spike over the past week, according to
CoinMarketCap. Featured image created with Dall.E, chart from
Tradingview.com
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