VanEck predicts Bitcoin will soar to $2.9 million by 2050 as reckless governments threaten the global financial system

Fund management giant VanEck says the price of Bitcoin could hit $2.9 million by 2050 due to rising geopolitical tensions, rising debt and government printing spree.

The predictions are based on the following assumptions: Bitcoin Cryptocurrencies will play a significant role in global finance as the current system erodes over the coming decades, according to a July 24 research report led by Matthew Siegel, director of digital asset research.

The government’s abuse of the printing press put the financial system at risk.

The G7 governments have “abused the printing press” to spend borrowed money on “impossible goals,” Siegel told CNBC. He added that the traditional financial system has been put at risk by “massive economic imbalances, growing distrust of established institutions, and ongoing deglobalization.”

wow @Matthew Siegel 🔥 brought to you by National TV. “Most of these distortions have come from the massive misallocation of capital since the GFC, as the G7 governments abused the printing presses and used borrowed money for impossible goals… #bitcoin The best defense against this is… https://t.co/fkvDhLx2zQ

— VanEck (@vaneck_us) July 25, 2024

Siegel called Bitcoin “the ultimate hedge against this growing financial recklessness.”

According to the report, in the base case scenario, BTC would account for 10% of international trade settlements and 5% of GDP. Sigel also wrote that Bitcoin would reach a 2.5% weighting in global currency reserves, at the expense of the US dollar, euro, British pound, and Japanese yen.

Bitcoin price could rise 43x from current price

If VanEck’s prediction comes true, password The market leader’s price is expected to increase 43-fold by 2050, representing a growth rate of approximately 16% per year from current prices. priceAs of 3:00 a.m. ET, it stood at $67,027.24.

With this expected growth, Bitcoin’s market cap will also soar to around $61 trillion.

However, VanEck did issue several warnings that could limit Bitcoin’s expansion. Miners’ increasing energy needs, future halving rewards, and coordinated government efforts to outlaw BTC were all cited as major obstacles that must be overcome.

Layer 2 networks have been mentioned as a potential way to increase Bitcoin’s scalability and reduce congestion. Given their expected role in removing bottlenecks from BTC, VanEck predicts that these sidechains could achieve a total market cap of $7.6 trillion by 2050.

Related articles:

PlayDoge (PLAY) – The latest ICO on the BNB chain

• 2D Virtual Dodge Pet
• Play to earn Meme Coin Fusion
• Staking and In-Game Token Rewards
• SolidProof Thanks – playdoge.io