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VanEck Predicts Bitcoin Price May Hit $52.38 Million, Here's When
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VanEck Predicts Bitcoin Price Could Hit $52.38 Million, Here’s When

Jake Simmons
Jake Simmons
10 months ago
3 mins read
Bitcoin price prediction VanEck

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In a new report dated July 24, 2024, from VanEck, the investment firm’s digital assets research team, headed by Matthew Sigel and Patrick Bush, sets forth an exceptional prediction: Bitcoin could soar to a value of $52.38 million per coin by 2050 in their most bullish scenario. The analysis, titled “Bitcoin 2050 Valuation Scenarios: Global Medium of Exchange and Reserve Asset,” paints a picture of Bitcoin transforming into a cornerstone of the global monetary framework, functioning as both a major international medium of exchange and a reserve currency.

How Bitcoin Could Hit $52.38 Million

The report elaborates on Bitcoin’s potential trajectory, forecasting its establishment as a primary reserve currency by mid-century. “By 2050, we see bitcoin solidifying its position as a key international medium of exchange, ultimately becoming one of the world’s reserve currencies,” the researchers state. This scenario is founded on the expectation that the current trust in traditional reserve assets will erode, mainly due to the unsustainable fiscal policies and geopolitical decisions of today’s economic leaders.

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VanEck predicts that the resolution of Bitcoin’s scalability issues through emerging Layer-2 solutions will significantly enhance its functionality, making it an attractive option in the financial systems of developing nations. “The combination of Bitcoin’s immutable property rights and sound money principles with the enhanced functionality provided by L2 solutions could enable the creation of a global financial system capable of better meeting the developing world’s needs,” Sigel and Bush argue.

Within their analysis of the International Monetary System (IMS), VanEck underscores the declining relevance of the principal currencies—USD, EUR, JPY, and GBP—in global trade. They foresee a reduction in their collective share of cross-border payments from 86% in 2023 to 64% in 2050. “This opens significant opportunities for Bitcoin to become an important alternative to settle international trade,” the report suggests.

The base case scenario envisions Bitcoin reaching a valuation of $2.9 million per coin by 2050. This prediction is anchored in the cryptocurrency’s projected role in settling a portion of global trade—10% of international and 5% of domestic trade—combined with a significant allocation as a central bank reserve.

“This scenario would result in central banks holding 2.5% of their assets in BTC, contributing to a total market cap of $61 trillion.” In this view, Bitcoin is anticipated to make up 1.66% of World Financial Assets, leveraging the anticipated growth in global trade and investment demand.

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The bull case, however, projects The bull case scenario presented by VanEck outlines an even more optimistic outlook where Bitcoin’s integration into the global economy is profoundly more significant. The report suggests Bitcoin could facilitate 20% of global international trade and 10% of domestic trade volumes by 2050.

In this scenario Bitcoin comprises a staggering 29.79% of global financial assets. Notably, this scenario implies that nearly 99% of Bitcoin’s supply would be removed from circulation, attributed to its store of value properties, leaving only about 210,000 BTC in active circulation.

Bitcoin price scenarios by 2050
Bitcoin price scenarios by 2050 | Source: VanEck

The report also highlights existing limitations in Bitcoin’s ability to function as a medium of international trade, particularly its current transaction processing capacity and lack of support for complex smart contracts. However, VanEck is optimistic about future improvements, suggesting that “ongoing development in Bitcoin’s infrastructure, particularly through Layer-2 solutions, will progressively enhance its functionality and appeal as a robust, decentralized financial system.”

Concluding the analysis, VanEck envisions Bitcoin not merely as a financial tool but as a transformative economic force that redefines money in a global context. “Bitcoin applies constitutional constraints to money, representing a system created by the people, for the people, and might serve as the ultimate check against the often arbitrary financial powers of the state,” the report reflects.

At press time, BTC traded at $64,210.

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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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