Bitcoin

1 Top Cryptocurrency That Could Surge Over 4,300%, According to This Wall Street Firm

Published

4 months ago

31 July, 2024

1 Top Cryptocurrency That Could Surge Over 4,300%, According to This Wall Street Firm

This bold prediction that Bitcoin will hit $2.9 million by 2050 could redefine your investment strategy.

In a groundbreaking report, VanEck, a leading investment management firm, has set the stage for an extraordinary prediction about Bitcoin‘s (BTC 0.36%) in the future. According to their analysis, Bitcoin could potentially reach a staggering $2.9 million by 2050, marking an astronomical increase of over 4,300% from its current price.

This bold prediction is more than just a headline-grabbing attempt. The report is packed with information across its 20+ pages, and includes plenty of evidence and hypotheses to support its claims. Luckily, I read the whole thing, so you don’t have to. In this article, we’ll explore the key elements of VanEck’s report, deciphering why Bitcoin’s value could skyrocket to such heights and what it means for investors and the financial world at large.

Image source: Getty Images.

Unpacking the VanEck Report

VanEck’s analysis outlines three scenarios for predicting Bitcoin’s future value: the bearish case, the base case, and the bullish case. Each scenario provides a different perspective on how Bitcoin may evolve based on various economic and technological factors, and of course, where its price may be headed.

To arrive at these conclusions, VanEck’s valuation model relies on a combination of historical data, current market trends, and future financial developments. This comprehensive approach aims to assess Bitcoin’s potential as a medium of exchange and reserve asset. With that out of the way, let’s move on to the scenarios.

Bear scenario

In the pessimistic case, Bitcoin’s value is expected to remain relatively stagnant, reflecting limited growth due to regulatory hurdles, technological limitations, or broader economic challenges.

This scenario assumes that Bitcoin will not achieve widespread adoption and will face significant competitive threats from other digital currencies or innovations. If this is the path Bitcoin takes, VanEck predicts that Bitcoin will only reach $130,314 by 2050. This equates to a measly 2.6% compound annual growth rate (CAGR).

Base scenario

The base case presents a more balanced view, where Bitcoin’s value is influenced by moderate adoption and integration into the existing financial system. However, even though it is called the base case, it is still extremely bullish.

This analysis predicts that Bitcoin will reach a price of $2,910,345 and solidify itself as a viable digital asset, resulting in a stronger CAGR of close to 15.7%. Driving this adoption are a multitude of factors, such as rising government debt around the world, reduced use of fiat currenciesbetter technology that makes Bitcoin faster and cheaper to use, and the possibility of Bitcoin becoming the world’s reserve currency.

Bullish scenario

The bullish scenario is the most optimistic, predicting that Bitcoin’s value could reach a staggering $52,386,207 by 2050. Here, Bitcoin’s CAGR rises to 29.3%.

This extreme growth projection is based on Bitcoin achieving widespread adoption as a medium of exchange and a reserve asset. It considers advances in blockchain technology, significant macroeconomic changes, and increased institutional investment. In short, this scenario basically assumes that the world will undergo hyper-Bitcoinization very quickly.

How Bitcoin Could Reach $2.9 Million

While the bear and bull scenarios are unlikely outliers on either end of the spectrum, it’s worth examining the reasoning behind VanEck’s base result in greater detail. This intermediate target strikes a valuable middle ground and does a good job of capturing what makes Bitcoin so unique.

The first catalyst that could send Bitcoin to nearly $3 million is increased adoption as a medium of exchange. As the world and its financial system become more digitized, there is a clear path where Bitcoin could gain traction as a popular medium of exchange. The decentralized nature of the cryptocurrency, coupled with its growing acceptance among merchants and consumers, supports its potential to become a mainstream payment method. If Bitcoin’s use as a transactional currency becomes widespread, VanEck suggests that its value could appreciate significantly.

At a more granular level, technological advancements are critical drivers of Bitcoin’s future valuation. For most of Bitcoin’s existence, its blockchain was more than capable of handling transactions cost-effectively. However, as the years have passed and it has processed more transactions, there has been a need to find a method for Bitcoin to scale efficiently.

Fortunately, there are a number of solutions in development that attempt to make Bitcoin faster and cheaper to use, such as Lightning Network and layer 2 blockchains like Stacks (STX 0.22%). VanEck believes that if Bitcoin is able to scale properly, it will only bolster the cryptocurrency’s prospects following the base case trajectory.

Expanding a bit, VanEck posits that Bitcoin could become a global reserve asset, similar to gold, as institutional investors and nations seek a stable store of value in a turbulent economic landscape. As VanEck’s report outlines, the global financial world is currently in a state of flux.

The currencies of the most prosperous economies (the US, EU, Japan and the UK) are starting to be used less for international payments. Furthermore, these economies, which dominated for much of the last century, face a growing debt burden that could further erode the value of their currencies. VanEck’s report predicts that as this trend worsens, other nations will turn to Bitcoin due to its apolitical construction and robust fundamentals that prioritize value preservation. When all is said and done, Bitcoin could become the world’s global reserve currency, causing its price to soar as governments clamor for a share of its finite supply.

Last food for thought

VanEck’s prediction that Bitcoin could rise to over $2.9 million by 2050 represents a bold and optimistic outlook for the cryptocurrency. It may sound sensationalist, but keep in mind that virtually no one could have imagined that Bitcoin would rise from just a few cents to over $60,000 over the past 15 years.

However, as appealing as this may sound, a bit of restraint is in order. No one has a crystal ball, and while the outlook is promising, investors should carefully weigh the rewards against the risks and, more importantly, Approaching Bitcoin with a long-term perspective.

But for those who believe in its future potential, have an appetite for risk, and are comfortable holding for the long term, Bitcoin’s current value could represent an attractive entry point. See you in 2050.

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Bitcoin

‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

'This is huge' — Billionaire Mark Cuban issues 'incredible' Bitcoin and crypto prediction amid price slump

Bitcoin has surged again this year under former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.

Subscribe now to Forbes CryptoAsset and Blockchain Consultant and “discover blockchain blockbusters poised to generate 1,000%+ gains” after the bitcoin halving earthquake!

The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcoinalthough it fell again this week to below $65,000 after the Federal Reserve kept interest rates steady.

Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.

Sign up for free CryptoCodex now—A daily five-minute newsletter for traders, investors, and crypto curious people that will keep you up to date and ahead of the bitcoin and crypto bull market

ForbesElon Musk Suddenly Breaks His Silence On Bitcoin After Issuing Shocking Warning Of US Dollar “Doom” That Could Trigger Cryptocurrency Price BoomBy Billy Bambrough

Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.

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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.

“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.

“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”

John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”

Sign up for CryptoCodex now—A free daily newsletter for the crypto-curious

ForbesCryptocurrencies Are Suddenly Bracing For A ‘Very Major’ U-Turn In China After Wild Price Swings For Bitcoin, Ethereum, XRPBy Billy Bambrough

Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.

Forbes Digital Assets

Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.

According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”

The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.

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Bitcoin

Large Bitcoin (BTC) Holders Added $5.4 Billion Worth of BTC in July, Data Shows

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

Large Bitcoin (BTC) Holders Added $5.4 Billion Worth of BTC in July, Data Shows

Please note that our Privacy Policy, terms of use, cookiesIt is do not sell my personal information Has been updated.

CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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Bitcoin

Peter Schiff criticizes Michael Saylor’s Bitcoin hype by U.Today

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

© Reuters. Peter Schiff Slams Michael Saylor's Bitcoin Excitement

U.Today – Renowned economist and cryptocurrency critic Peter Schiff has criticized Michael Saylor’s recent hype about the growing adoption of cryptocurrencies as a strategic treasury asset by corporations.

Michael Saylor, a well-known Bitcoin advocate and president of MicroStrategy, recently shared his enthusiasm on X about the growing adoption of Bitcoin as a strategic treasury asset.

Citing a comment made by Bitcoin investor Bill Miller in a recent interview with CNBC, Saylor tweeted: “We now have more companies coming forward and saying we will put Bitcoin on our balance sheet as a strategic treasury asset.”

However, not everyone shares Saylor’s enthusiasm. Schiff, a vocal Bitcoin critic and gold bull, was quick to respond with his usual skepticism. In a pointed tweet, Schiff argued: “Bitcoin is neither strategic nor appropriate as a treasury asset. Companies should not risk shareholder funds. They should pay dividends and let shareholders risk their own money.”

Bitcoin enthusiasts are not intimidated

However, Schiff’s criticism shouldn’t deter Bitcoin enthusiasts, who often take Schiff’s words with a pinch of salt. To put things in context, Michael Saylor began buying Bitcoin in 2020 as an inflation hedge and alternative to money. Saylor’s company, MicroStrategy, is among the largest public holders of Bitcoin in the world. As of June 20, it held 226,331 BTC, purchased for around $8.33 billion at an average price of $36,798.

Over the weekend, Schiff was surprised when 87% of the more than 11,000 Bitcoin holders who responded to his X survey said they would not sell any of their Bitcoin even if the price dropped more than 99% to $120. They said not only would they not sell, but that they would continue to buy even when prices dropped.

Schiff unexpectedly revealed that “the main selling point for investors to buy Bitcoin is its excellent past performance record.”

At the time of writing, Bitcoin is trading at $66,067, having reached all-time highs of nearly $74,000 in mid-March.

This article was originally published on U.Today

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Bitcoin

Bitcoin Falls as ETF Flows Reverse, Mt. Gox Moves Billions

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

Bitcoin Falls as ETF Flows Reverse, Mt. Gox Moves Billions

In a week of drastic fluctuations, the price of Bitcoin (BTC) has retreated from its highs and is currently trading at US$66,250, down 0.9% in European trading.

This volatility comes on the heels of a significant surge above $70,000 earlier in the week, fueled by former President Donald Trump’s ambitious cryptocurrency plans announced in a Bitcoin Conference in Nashville.

Trump’s announcement to fire Securities and Exchange Commission Chairman Gary Gensler and establish a strategic Bitcoin reserve if elected president has temporarily sent the cryptocurrency market into a frenzy.

However, the excitement was short-lived as a series of events unfolded which caused investor sentiment to sour.

A significant sell-off of about 8% was triggered when the US Marshals Service moved $2 billion in Bitcoin for new wallets.

This move has reignited fears of a potential large-scale liquidation, compounded by lingering concerns over a possible Bitcoin liquidation from Mt. Gox. Early this morning, Mt. Gox administrator transferred US$2.2 billion value of your BTC assets in a new wallet.

Meanwhile, the US Bitcoin ETF spot market is showing signs of fluctuation, according to data from SoSo Value. On July 30, Bitcoin spot funds experienced their first net outflow in five days, totaling $18.3 million.

The Grayscale Bitcoin Trust (GBTC) saw outflows of $73.6 million, while the BlackRock iShares Bitcoin Trust (IBIT) attracted $74.9 million in inflows. But outflows from other funds left the category in the red at the end of Tuesday’s trading session. The total net asset value of spot Bitcoin ETFs currently stands at a substantial $58.5 billion.

In other crypto news, Ripple (XRP) is up 8.6% in the past 24 hours, hitting over 64 cents – its highest point since March 25, according to CoinGecko. data.

This rally comes amid a scheduled token unlock and growing optimism around a potential deal in the long-running SEC vs. Ripple lawsuit.

The crypto community is closely watching the SEC’s actions, particularly its intention to amend its complaint against Binance regarding “Third-Party Cryptocurrency Securities,” which some interpret as a positive sign for Ripple.

On a market analysis noteSingapore-based cryptocurrency trading desk QCP Capital wrote that while election headlines continue to dominate, several crucial macroeconomic events loom on the horizon.

“Election headlines will continue to be a key focus, but several key macroeconomic events are also on the horizon. Key events starting with the FOMC meeting on Wednesday, megacap tech earnings (Apple, Amazon, Meta) throughout the week, and unemployment data on Friday,” QCP Capital wrote.

Edited by Stacy Elliott.

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