VanEck analysts allowed the rise in the price of bitcoin to $ 5 million
Bitcoin could strengthen to this level if it is recognized as the world's reserve currency
The price of bitcoin could rise to a range of $1.3 million to $4.8 million. A similar scenario is possible if bitcoin gains the status of a world reserve currency, analysts from VanEck say.
The lower limit of the range was built on the basis of the M0 monetary aggregate, which includes cash in circulation. The upper one is based on M2, which includes M0, bank reserves, as well as their “close equivalents”.
According to analysts, the cryptocurrency can become a full-fledged alternative to gold, which has the potential to rise to $31,000 per ounce.
Analysts note that we are talking primarily about "extreme scenarios" of changes in the prices of gold and bitcoin. In their opinion, investors will have to adjust their expectations to practical prices for these assets.
The reason for the revision of the monetary paradigm was the sanctions against RUSSIA and the possible collapse of the DOLLAR. In this regard, central banks and private players seek to diversify their foreign exchange reserves. The price of bitcoin is currently $44.8K, according to CoinGecko.
In November 2021, VanEck launched an ETF for bitcoin futures. The company declared it “the cheapest bitcoin-related ETF in the US market.”
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