It’s been a wild ride for the cryptocurrency industry. Bitcoin [BTC]The market, led by Bitcoin, was recovering from a severe dip. 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. For how long, however, will the kingcoin stay below $70,000? VanEck is of the opinion that cryptocurrency may be experiencing a noticeable uptrend.
VanEck is a leading asset manager that has made recent headlines with its Bitcoin ETFs and Ether Spots. VanEck has recently suggested it may reach $2.9 million in 2050. This could happen if Bitcoin is a key part of the global monetary system in the next few years. The firm notes that this is despite geopolitical concerns which do not seem like they will be resolved. 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
Market cap for king coin is currently $1.32 billion. VanEck, however, predicts BTC will reach a market cap of $61 trillion in 2050. BTC’s global use is also expected to contribute to this increase, along with its function as a hedge. 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
