uring an interview with Fox Business news, VanEck CEO stated a positive outlook for Bitcoin, comparing it to a store of value such as gold. Furthermore he forecasts Bitcoin’s price to surge and potentially reach $350,000 which would put its market cap at 50% of gold, as central banks start quantitative easing, pushing the price of assets higher.
"Super Bowl" Scenario:
VanEck also highlights an optimistic outcome, which he calls the “Super Bowl”, in which possibly most global central banks could eventually accept Bitcoin as their reserve currency. If this specific scenario unfolds, this could put the price of bitcoin to $2.9 million dollars per coin. This view is very similar to Michael Saylor which he expressed during the BTC 2024 conference.
Long-Term Projections:
During another survey by fund managers such as Matthew Sigel and Patrick Bush, they concluded a base case for Bitcoin to hit $2,9 million dollars by 2050. In order for this scenario to unfold, BTC will have to be part of international and domestic trade, while being held by central banks around the world as a strategic investment. This would place Bitcoin as a component and deeply integrated in the world economy
Challenges and Risks:
Moreover, the survey highlights a few challenges for Bitcoin mass adoption such as scalability issues. However, Bitcoin Layer-2 is proposed as a viable solution to create the necessary infrastructure for global banking transactions to occur. But at the same time, it also included several risks like the rise in energy consumption for bitcoin mining and regulatory issues.
Bitcoin as Future Financial Standard
The assumption is made by Van Eck as the financial world gradually transitions into another financial paradigm. At this point, Bitcoin might offer an alternative to commodities such as gold. Still, such expectations rely on profound integration of Bitcoin into the financial markets and services, as well as continual enhancements of the cryptocurrency and its infrastructure, highlighting the critical years in Bitcoin’s evolution in the next decades to come.
