VanEck Analyst: Bitcoin Price Could Break $2.9 Million per BTC

Bittime - VanEck predicts Bitcoin prices could reach $2.9 million per BTC by 2050, driven by institutional adoption and central banks. Analyst Willy Woo also estimates a potential upside of up to $700,000.

Bitcoin Price Could Reach $2.9 Million per BTC

VanEck Head of Digital Asset Research Matthew Sigel and Senior Investment Analyst Patrick Bush discuss the future of Bitcoin. Experts, in a recent blog post, predicted that BTC will become a mainstream asset worldwide by 2050.

VanEck's team estimates Bitcoin's price could reach $2.9 million based on their projections, which gives Bitcoin a total market capitalization of $61 trillion. It is possible that more investors and institutions will want to own BTC, which could lead to a feedback loop. Thus, the circulating supply of Bitcoin may decrease, but this will in turn push the price of Bitcoin to higher levels.

VanEck Analyst Analysis Method for Bitcoin Prices

With increased usage, central banks may have 2.5% of their assets in Bitcoin. Analysts also say that its value will probably increase as more people use Bitcoin. For example, crypto asset markets are usually full of uncertainty and volatility, allowing predictions to change without warning. However, VanEck's analysis uses the idea of ​​the velocity of money to support his predictions.

Willy Woo's Analysis Of The Future Of Bitcoin

Another analyst Willy Woo gave his opinion on Bitcoin's future in an X post on August 1. This analyst claims that if financial institutions continue to support Bitcoin, the price could reach $700,000 per token. Additionally, Woo noted that, based on a global wealth asset value exceeding $500 trillion, a 3% portfolio allocation to Bitcoin could increase its price to $700,000.

Conclusion

Bitcoin's future seems optimistic, according to projections by VanEck and other analysts. With a market capitalization of $61 trillion, Bitcoin may reach a price of $2.9 million per BTC by 2050, according to Matthew Sigel, VanEck's head of digital asset research, and Patrick Bush, senior investment analyst. This prediction is based on the possibility that investors and institutions will use Bitcoin more, as well as the possibility that it will become a central bank reserve asset.

Willy Woo, another analyst, also predicts a bright future for Bitcoin. In his analysis, he estimates that the price could reach $700,000 per BTC if financial institutions continue to support it. With a global wealth asset value of over $500 trillion, a portfolio allocation of 3% to Bitcoin could support this prediction. Regardless of the crypto asset market, both projections point to the possibility of Bitcoin as a major global asset.

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Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.