Bitcoin Price Prediction According to VanEck: Can it Reach $2.9 Million?

Bittime - VanEck, a well-known asset management company, issued Bold predictions for Bitcoin. They predict that the price of Bitcoin could reach a fantastic figure, namely $2.9 million (IDR 46.68 billion) per coin in 2050.

Bitcoin Considered the ‘Global Money of the Future’

In his latest report, VanEck describes Bitcoin as the 'global money of the future'. According to them, Bitcoin has the potential to become a major international means of payment and even become one of the world's reserve assets. 

In fact, they say Bitcoin can be used for 10% of international trade and 5% of global domestic trade. Not only that, central banks in the world are predicted to allocate 2.5% of their assets in the form of Bitcoin.

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Assuming global economic growth, investor demand for Bitcoin, and Bitcoin's turnover speed, VanEck calculates the potential Bitcoin price to reach $2.9 million (Rp. 46.68 billion) per coin. That means the total market value of Bitcoin could reach $61 trillion (Rp. 982.2 trillion)!

VanEck also sees great potential in the development of second layer technology (Layer-2) for Bitcoin. They estimate the total value of Bitcoin's Layer-2 network could reach $7.6 trillion (Rp. 122.32 trillion), around 12% of Bitcoin's total value.

VanEck's Bitcoin Predictions Are Based on Declining Trust in Traditional Currencies

The reason behind this bold prediction is the declining confidence in traditional currencies such as the US dollar, euro, pound sterling and yen. Bitcoin, with its unfalsifiable and independently managed nature, is considered an attractive alternative.

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However, VanEck also acknowledged Bitcoin's current scalability challenges. They hope that the development of Layer-2 technology and software improvements can overcome these problems, so that Bitcoin can be more accepted as an international means of payment and reserve currency.

This prediction is of course still a scenario. But looking at Bitcoin's development so far, it cannot be denied that this digital asset has great potential to change the world of finance.

Latest Bitcoin Price Movements

The price of Bitcoin is currently at a high level, namely $69,327.20 USD (Rp. 1.12 billion) with a 24-hour trading volume reaching $21.593 billion USD (Rp. 3,498,047,702,160). This shows very high trading activity in the last 24 hours.

Bitcoin is experiencing an increase of 2.26% in the last 24 hours. This is good news for Bitcoin investors, as it shows a positive trend in the value of this digital asset.

With a market capitalization of $1.3 trillion USD, Bitcoin is still the crypto asset with the largest market capitalization in the world. Currently, the number of Bitcoins in circulation is 19,732,575 coins, with a maximum total of 21,000,000 coins.

This quite fluctuating Bitcoin price movement makes investing in Bitcoin full of challenges, but also full of potential profits. For those interested in investing in Bitcoin, it is important to conduct in-depth research and consider the risks before making a decision.

How to Buy Bitcoin (BTC) on Bittime

You can buy and sell Bitcoin (BTC) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC) available on Bittime with market pair BTC/IDR. To be able to buy BTC IDR Of Bittime Make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Study A complete guide on how to buy Bitcoin (BTC) on Bittime. 

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