VanEck’s digital assets research team has made a bold prediction about Bitcoin’s future, which has made headlines, particularly as a reference on Fox Business.
The Bitcoin Therapist, a well-known crypto expert on X, drew attention to these predictions, emphasizing the growing penetration of Bitcoin into mainstream finance.
Notably, VanEck believes that by 2050, the largest cryptocurrency by market cap could surpass $2.9 million per coin on a base case scenario. Even more strikingly, if reserve currencies continue to lose significance and Bitcoin’s appeal grows, VanEck believes the asset could soar to $52,386,207 by 2050 on a bull case scenario.
National TV Praises Bitcoin’s Resurgence
Most recently, Fox Business noted Bitcoin’s impressive recovery. Not too long ago, it was trading below $20,000, with some enthusiasts predicting it might drop to $10,000. However, Bitcoin’s resurgence has been remarkable, capturing the attention of U.S. senators and notable figures like former President Trump and Robert F. Kennedy Jr.
Both have publicly expressed support for Bitcoin, indicating a shift towards a pro-Bitcoin administration. During the Fox Business show, Natalie Brunell from the Coin Stories podcast spoke about the recently-concluded Bitcoin 2024 conference in Nashville. She described the event as a monumental occasion that will be discussed for years to come.
Former President Advocates Bitcoin,
Fox Business also highlighted how the former US President advocated for holding onto Bitcoin, highlighting a shift towards a pro-Bitcoin administration. Despite current leaders’ opposition to digital assets, Bitcoin’s free-market origins and status as a major global asset have gained bipartisan support.
Two presidential candidates are now courting the Bitcoin community, proposing its adoption as a strategic reserve asset for the US, reflecting Bitcoin’s growing influence. Additionally, there is an increasing push to involve more women in Bitcoin, with events like the annual Women of Bitcoin conference showing significant growth and pointing to a future where Millennial and Gen Z women lead the next wave of Bitcoin investors.
Landmark BITCOIN Act of 2024
As all this goes on, Wyoming Senator Cynthia Lummis has introduced the “BITCOIN Act of 2024,” a significant bill designed to bolster the nation’s financial infrastructure. This legislation requires the U.S. Treasury to acquire 1 million BTC over five years, an investment estimated at nearly $70 billion.
The main focus of Lummis’s proposal is to create a national Bitcoin reserve, allowing the U.S. Treasury to purchase up to 200,000 BTC annually for five years.
