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- Asset manager VanEck has made a bold prediction for Bitcoin’s future price, projecting it could reach $52.4 million by 2050 in a bull case scenario.
- VanEck’s Head of Digital Assets Research, Matthew Sigel, suggested that Solana ETFs could arrive sooner than expected, despite concerns about market manipulation and liquidity from BlackRock.
Asset manager VanEck has recently made a bold prediction regarding Bitcoin’s future price and expects it to hit a staggering $52.4 million in a bull case scenario by 2050. As reported by Crypto News Flash, the company predicts BTC to hit at least $2.9 million per coin as a base case scenario.
Interestingly, VanEck’s Bitcoin prediction has been picked up by top media houses like Fox Business discussing it with top Bitcoin supporters like Natalie Brunell.
Fox Business is referencing $52M #Bitcoin price predictions on national television.
YOU ARE NOT BULLISH ENOUGH. 🤯 pic.twitter.com/z33NvrijpU
— The ₿itcoin Therapist (@TheBTCTherapist) July 29, 2024
The Fox Business host also discussed an impressive Bitcoin recovery following the launch of the spot Bitcoin ETF thereby surging to hit an all-time high. With Bitcoin coming to Wall Street this year, it has grabbed the attention of US Senators along with Presidential Candidates like Robert F. Kennedy Jr and Donald Trump.
Both these leaders expressed strong support for the asset class during the Bitcoin 2024 Conference last week in Nashville. Furthermore, both of them also proposed to make Bitcoin a strategic US reserve and would make it possible if they came to power after the US elections in November, per the CNF report.
Wyoming Senator Cynthia Lummis has introduced the “BITCOIN Act of 2024,” a major bill aimed at strengthening the nation’s financial infrastructure. The legislation would mandate that the U.S. Treasury acquire 1 million BTC over five years, an investment estimated at nearly $70 billion.
VanEck Remains Bullish on Solana ETF
After the successful launch of the spot Bitcoin ETF in January, and the spot Ethereum ETF in July, VanEck is also bullish about a Solana ETF hitting Wall Street in the future. In his recent interview with Scott Melker, VanEck’s Head of Digital Assets Research – Matthew Sigel – said that the Solana ETFs could be coming sooner than analysts are predicting.
While VanEck remains bullish, BlackRock said that it doesn’t expect any further crypto ETFs coming to the market, per the CNF update. As we know, Bitcoin contributes 55%, and Ethereum contributes 17% to the overall crypto market cap. On the other hand, the second-largest altcoin Solana contributes only 3.3%. Thus, the SEC could have major concerns regarding market manipulation and ETF liquidity going ahead. Commenting on this, Sigel said:
We disagree with the notion that Bitcoin and Ethereum will be the only ETFs. The market in Europe already boasts a variety of crypto ETPs, including single coin and basket options, and we aim to lead this innovation in the U.S. as well.
He highlighted that upcoming regulatory changes could pave the way for a wider variety of crypto ETFs.
