VanEck Sees Bitcoin Surging To $2.9 Million By 2050 As Reckless Governments Risk World Financial System

Fund
management
titan
VanEck
says
the
Bitcoin
price
may
reach
$2.9
million
by
2050
amid
rising
geopolitical
tensions,
ballooning
debt
and
governments’
abuse
of
the
printing
press.

The
prediction
is
based
on
the
assumption
that


BTC

will
play
a
critical
role
in
global
finance
as
the
current
system
erodes
over
the
course
of
the
next
few
decades,
says
a
July
24

research
report
led
by
head
of
digital
asset
research
Matthew
Sigel.

Governments’
Abuse
Of
The
Printing
Press
Have
Put
The
Financial
System
At
Risk

G7
governments
have
“abused
the
printing
press”
to
spend
borrowed
money
on
“impossible
goals,”
Sigel
told
CNBC
in
an
interview.
This,
combined
with
“enormous
economic
imbalances,
rising
distrust
in
existing
institutions
and
continued
deglobalization,”
has
put
the
traditional
financial
system
at
risk,
he
added.

Woah

@Matthew_Sigel
brought
the
????
on
national
TV.
“Many
of
these
distortions
stem
from
a
massive
misallocation
of
capital
since
the
GFC
as
G7
governments
have
abused
the
printing
press,
spending
borrowed
money
on
impossible
goals…

#Bitcoin
is
the
ultimate
hedge
against
this…

https://t.co/fkvDhLx2zQ

—
VanEck
(@vaneck_us)

July
25,
2024

Sigel
went
on
to
call
Bitcoin
“the
ultimate
hedge
against
this
rising
fiscal
recklessness.”

In
a
base
case
scenario,
BTC
would
represent
10%
of
international
trade
settlement
and
5%
of
GDP,
according
to
the
report.
Sigel
also
wrote
that
Bitcoin
would
reach
a
2.5%
weight
in
international
currency
reserves
at
the
expense
of
the
U.S.
dollar,
euro,
British
pound
and
the
Japanese
yen.

Bitcoin
Price
Could
43X
From
Its
Current
Price

Should
VanEck’s
prediction
play
out,
the


crypto

market
leader’s
price
will
see
its
value
43X
by
2050.
This
translates
to
an
annual
growth
of
around
16%
from
its
current


price,
which
stood
at
$67,027.24
as
of
3:00
a.m.
EST.

With
this
anticipated
growth,
Bitcoin’s
market
capitalization
will
also
soar
to
approximately
$61
trillion.

VanEck
did,
however,
issue
several
warnings
that
could
restrict
Bitcoin’s
expansion.
The
increasing
energy
demand
from
miners,
future
halving
rewards
and
concerted
efforts
by
governments
to
outlaw
BTC
were
all
mentioned
as
major
obstacles
that
will
need
to
be
overcome.

Layer-2
networks
were
mentioned
as
a
potential
way
to
increase
Bitcoin’s
scalability
and
reduce
its
congestion.
Given
their
anticipated
role
in
removing
BTC’s
bottlenecks,
VanEck
predicted
these
side
chains
could
collectively
achieve
a
market
cap
of
$7.6
trillion
by
2050.

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