Bitcoin fell, but now it's moving upward again, and analysts say that this is just the start of a very MASSIVE move upward:
Matthew Sigel, investment management company VanEck's digital assets head, in a massively bullish estimate, projected Bitcoin to hit $3 million in value by 2050. He said that the projection may appear “extreme,” but when broken down to a 16% compound annual growth rate over the next two decades, it was reasonable.
Seigel said that the estimate stemmed from the company’s belief that Bitcoin would become a global reserve asset, used in global trade and held by central banks. Even at a “modest” 2% weight by central banks, this would bring bitcoin to that level. Siegel also highlighted the growing interest in Bitcoin in BRICS member countries such as Russia, the UAE, and Ethiopia.
America's congress and banking industry will also be thoroughly involved in bitcoin as time passes.
These predictions aligned with Standard Chartered, which anticipates that Bitcoin could potentially surge to $80,000 with a Trump victory. Even with a Harris victory, bitcoin will also rise. The Democrats, and Harris, have indicated that they are pro-bitcoin.
Seigel noted a “very bullish setup” for Bitcoin going into the upcoming presidential elections. A Republican sweep of both the House and Senate could push Bitcoin toward $125,000 by year-end, given their favorable crypto policies.
Ark Invest CEO Cathie Wood’s predicted that bitcoin was going to $500,000 by 2026.