US asset management heavyweight VanEck shared uber-bullish report on Bitcoin (BTC) prospects as store of value and medium of exchange
US asset management heavyweight VanEck shared uber-bullish report on Bitcoin prospects as store of value and medium of exchange
Bitcoin , the largest cryptocurrency, might become the dominant medium of exchange and store of value for economies across the globe. Due to a whopping increase in foreign trade and other cross-border remittances, Bitcoin is expected to skyrocket to the seven-digit zone, VanEck experts say.By the year 2050, the Bitcoin price might reach $2.9 million per coin once the"base" scenario plays out.
Bitcoin , therefore, will meet increased demand from both institutions and retail. In the"bear" scenario, it will be responsible for 1% of global domestic GDP, while the"base" scenario sees this metric twice as high.The"bullish" scenario, with $52 million per Bitcoin , looks quite eccentric as BTC needs to lose almost 94% of its circulating supply by 2050.
However, all optimistic scenarios badly need an infrastructural basis to occur. As such, Bitcoin layer 2 solutions are essential mechanisms for its future, VanEck says. Should they go mainstream, the largest cryptocurrency will be able to evolve into a new-gen reserve and foreign trade asset, the report concludes.Social Infrastructure OpenSocial Protocol receives $6 million strategic backing led by Framework Ventures and North Island Ventures to fuel community apps
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