According to VanEck, if bitcoin became a global reserve asset, it could reach $4.8 million.
VanEck, a financial services firm based in the United States, estimates that one bitcoin will eventually be worth $4.8 million. The prerequisite is that cryptocurrency establishes itself as a worldwide reserve asset.
Although, according to VanEck, the Chinese yuan is more likely to prevail in such a competition.
The theory was published in a March 30 article by Eric Fine, the company’s manager, and Natalia Gurushina, the company’s head economist. The duo attempted to compare the impact on gold and bitcoin prices if any of these assets were seen to be supportive of global currency systems.
According to VanEck’s research, the price of BTC would then vary between $1.3 million to $4.8 million. In turn, we would pay $ 31,000 for an ounce of gold.
Financial markets undergoing a revolution?
Although it may appear unreasonable now, the company’s concept is still alive and well. Why? The current global unrest, sparked mainly by the war on our eastern border, raises the question: what happens if the United States loses its current power rivalry?
Let us start with the reality that the US created its empire on the dollar, dethroning gold as the world’s monetary foundation. Washington has also enabled today’s oil trade to be dominated by “green.” The US can print money with impunity because it expects that there will always be buyers for dollars.
For many years, the above system worked. The US elite ensured that those who dared to oppose the dollar had a sour ending. Consider Saddam Hussein or Muammar Gaddafi. Both wanted to trade oil for dollars and were quickly deposed (in a rather gruesome way).