VanEck Predicts Bitcoin Will Hit $2.9M by 2050

In a Wednesday report, VanEck, an issuer of spot Bitcoin and Ether ETFs, predicts that BTC may reach a price point of $2.9 million by 2050, assumption that certain challenges are overcome.

According to VanEck, as geopolitical tensions and growing debt servicing costs continue to erode the existing monetary system, Bitcoin may become a vital component of the international monetary system in the coming decades.

In an interview on CNBC, Matthew Sigel, the head of digital asset research at VanEck and one of the authors of the report, explained that the current economic imbalances and lack of trust in institutions are a result of misguided spending and misallocation of capital since the 2008 global financial crisis.

As a hedge against this fiscal recklessness, VanEck sees Bitcoin as the ultimate solution.

In VanEck’s base case scenario, BTC would become a widely used medium of exchange, responsible for 10% of international trade settlement and 5% of global GDP.