VanEck Sets 3 Price Targets for Bitcoin: $130K, $2.9M and $52.3M
The post VanEck Sets 3 Price Targets for Bitcoin: $130K, $2.9M and $52.3M appeared on BitcoinEthereumNews.com.
Popular Bitcoin and Ethereum ETF issuer VanEck sets three ambitious price targets for BTC by 2050. VanEck, one of the issuers of Bitcoin and Ether spot-based exchange-traded fund (ETF), has set three price targets for BTC. For the base case target, VanEck projected that BTC could trade at $2,910,345 ($2.91 million) by 2050, leading to a market capitalization of $61 trillion. Potential Factors That Could Drive BTC to $2.91M The investment manager speculated that a massive demand for the asset class will propel Bitcoin’s potential surge to $2.91 million by 2050. According to a report published yesterday, VanEck predicted that Bitcoin could emerge as a major medium of exchange by 2050. Under the hypothetical scenario, the company foresees Bitcoin being used for 10% of global trade settlements as well as 5% of domestic trade worldwide. If both scenarios come to fruition, the top Bitcoin and Ether ETF issuer projected that central banks worldwide might hold 2.5% of their reserve assets in BTC. Considering three major factors, like global economic growth, investor BTC demand, and Bitcoin turnover, the top investment manager projected that BTC could be priced at $2.91 million per coin by 2050, with its market cap totaling $61 trillion. Hitting the projected price of $2.91 million requires Bitcoin to surge 4,220% or 42.2x from its current price of $67,360. Furthermore, applying its existing framework used to value Ethereum Layer-2s, VanEck estimated that Bitcoin’s Layer-2 solutions could be worth $7.6 trillion or approximately 12% of BTC’s valuation by 2050. VanEck’s Bear and Bull Case Targets for BTC It bears mentioning that the $2.9 million price target for BTC marks VanEck’s base case projection. The investment manager also set bear and bull case targets for BTC by 2050. Interestingly, VanEck set a conservative price of $130,314 as its bear target for…
Filed under: News - @ July 27, 2024 1:28 am