Cryptocurrency has experienced a roller-coaster ride. Bitcoin [BTC]After a significant dip, the market led by bitcoin was beginning to recover. Bitcoin was at $66,995 at the time of publication, following a surge of 4.30% over the past 24 hours. At the moment, Bitcoin is currently trading at $66,995, 9% less than its record high price of $73,750. How long will kingcoin remain under the $70,000 area? VanEck thinks that cryptocurrency is on a significant uptrend.
VanEck, a prominent asset manager, has recently made headlines for its Bitcoin and Ether spot ETFs. VanEck recently said that the price could rise to $2.9million by 2050. The firm says that it is possible if Bitcoin becomes a major part of international currency over time. next Few years. The geopolitical situation is not settling. Matthew Sigel is the head of VanEck’s digital asset research. added,
“As we look at the world right now, we see enormous economic imbalances, rising distrust in existing institutions and continued deglobalization. We think many of these distortions stem from … a massive misallocation of capital since the global financial crisis as G7 governments have abused the printing press, spending borrowed money on impossible goals. Bitcoin … is the ultimate hedge against this rising fiscal recklessness.”
Also Read: JPMorgan Says Bitcoin & Crypto Market Will Rebound in August
Bitcoin Market Cap to Soar Following Adoption
The current market value of king coins is $1.32 billion. VanEck, however, predicts BTC will reach a market cap of $61 trillion in 2050. BTC will also experience a surge in value due to its global expansion. VanEck’s analysts estimated that Bitcoin will settle 10% of global trade and 5% domestic trade. This could eventually force central banks into holding 2.5% in Bitcoin.
Also Read: Bitcoin and Ethereum: August Price Predictions Analysis
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Source: watcher.guru