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CryptoXTimes > Article > News > VanEck Predicts Bitcoin’s Meteoric Rise By 2050
NewsCrypto

VanEck Predicts Bitcoin’s Meteoric Rise By 2050

VanEck forecasts Bitcoin reaching $61 trillion market cap by 2050.

Aima Raza
Last updated: July 25, 2024 7:17 pm
Aima Raza 11 months ago
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VanEck Predicts Bitcoin’s Meteoric Rise By 2050

VanEck, an investment manager, thinks that by 2050, Bitcoin could have a market value of $61 trillion, which is about $2.9 million per coin. According to a report released on July 24, the rise is due to more people wanting to use BTC as collateral for trade settlements and as a reserve asset for central banks.

According to the report, Bitcoin could be used to settle up to 10% of foreign trade and 5% of domestic trade by 2050. In this case, central banks would have 2.5% of their assets in Bitcoin.

VanEck also thinks that Bitcoin layer 2 (L2) scaling options could be worth about $7.6 trillion, or 12% of Bitcoin’s total value. This would solve the cryptocurrency’s problems with being able to grow.

Challenges In Bitcoin Adoption

VanEck thinks that Bitcoin’s rise will be caused by the relative fall of major economies like the US, EU, and Japan, along with a loss of faith in their currencies because they spend too much on deficits. Businesses and customers may turn to BTC as a neutral way to buy and sell things because it has stable property rights and a predictable monetary policy.

As a chance for BTC , the report points out that the euro and the Japanese yen are being used less and less in international transactions. About 22% of cross-border payments were made in euros in the middle of the 2000s. Today, that number is only 14.5%. The yen’s share has dropped from 6.2% to 5.4%.

VanEck is aware that Bitcoin’s acceptance could be hindered by problems with mining, scalability, and rules. Even with these problems, the company has found 16 BTC L2 projects with a lot of promise. These include the Lightning Network and Stacks, but they have not named a winner yet.

Gold is still an established global reserve asset, but VanEck says that a return to the gold standard is unlikely because of problems with logistics, security, and financial integration.

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TAGGED: Bitcoin, Cryptocurrencies, VanECK
By Aima Raza
As a practicing lawyer who focuses on issues related to crypto and blockchain, Aima gives our content a unique legal viewpoint. Because she is so good at navigating the constantly changing regulatory environment, our readers always know about the latest regulations and happenings in the crypto world.
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