VanEck has projected that by 2050, Bitcoin could become a global reserve currency, with a price reaching $2.9 million. The shift would be driven by declining trust in traditional reserve assets and increasing demand for alternatives like Bitcoin.
VanEck expects Bitcoin’s scalability issues to be resolved with Layer-2 (L2) solutions, which would enhance its efficiency. They predict Bitcoin could settle 10% of international trade and 5% of domestic transactions by 2050, with central banks potentially holding 2.5% of their assets in Bitcoin.
Key Points:
Bitcoin projected to reach $2.9 million by 2050. Expected to settle 10% of global trade and 5% of domestic transactions.This shift would occur as traditional currencies lose market share due to weakening economic fundamentals.
Crypto Leads the Largest 2024 ETF Launches, Says The ETF Store
Thirteen of the top 25 ETF launches in 2024 have been cryptocurrency exchange-traded funds (ETFs), according to Nate Geraci, president of The ETF Store.
The spot Bitcoin ETFs were the most popular among the nearly 400 new launches this year.
Top-performing: BlackRock’s iShares Bitcoin Trust has taken in almost $21 billion in new money; two other funds have netted about $2 billion and Fidelity’s Wise Origin Bitcoin Fund with around $10 billion.
On the Ethereum front, iShares Bitcoin Strategy is seeing inflows that total more than $1 billion.
The growth of crypto ETFs’ adoption is a milestone, given that Bitcoin and Ethereum ETF’s total net assets are more than $60 billion.
This influx of investment points towards increasing market confidence in digital currencies, which could impact the price rise further for Bitcoin and Ethereum as interest builds.
The increasing demand and sheer volume of Bitcoin ETF inflows would lead to higher prices for BTC as more institutional and non-institutional investors become exposed to the asset.
Metaplanet Partners with SBI VC for Bitcoin Custody and Collateral Services
Metaplanet has partnered with Japanese investment firm SBI VC Trade to offer Bitcoin custody solutions. This allows Metaplanet to use Bitcoin as collateral for financial leveraging, improving its financing capabilities.
Earlier this year, Metaplanet added 360.4 BTC (worth $21 million on August 20) as a reserve asset to hedge against yen volatility.
SBI VC Trade, a subsidiary of the $185 billion SBI Holdings, operates a registered crypto exchange in Japan.
The partnership aligns with Metaplanet’s strategy to expand its financial services, following a similar approach to MicroStrategy’s Bitcoin investment model.
Key Points:
Metaplanet holds 360.4 BTC as a reserve asset. SBI VC Trade operates under SBI Holdings, managing $185 billion in assets.This development is seen as a positive signal for Bitcoin investor sentiment.
Looser Fed Policy and Global Trends Support Bullish Bitcoin Outlook
Softer Federal Reserve policies and global macroeconomic factors are setting a bullish tone for Bitcoin. Analysts from ETC Group suggest that Bitcoin’s adjustment to U.S. monetary policy, specifically a potential interest rate cut, could strengthen its position.
Despite a recent dip in crypto market sentiment—partly due to U.S. recession fears and a stronger yen—expectations of a Fed rate cut have rekindled optimism.
Lower interest rates often drive investors toward higher-risk assets like Bitcoin, making it more attractive.
Key Points:
Bitcoin adjusts to U.S. monetary policy shifts. Market sentiment lifted by Fed rate cut expectations.This trend may boost Bitcoin demand as the global economic landscape evolves.
Bitcoin Faces Key Resistance at $57,200: Will It Break Out?
Bitcoin (BTC/USD) is experiencing continued downward pressure, currently trading around $56,718, down 1.35% over the last 24 hours.
The recent sell-off has pushed the price below the key $57,207 support level, indicating that sellers are firmly in control.
The 50-period EMA at $59,169 is acting as a strong resistance, limiting any attempts at recovery in the short term.
The Relative Strength Index (RSI) is sitting at 33, indicating that Bitcoin is approaching oversold territory, which could signal a potential relief bounce.
However, as long as prices remain below the $57,207 pivot, the bears are likely to maintain their dominance.
Immediate support is located at $55,085, with a further downside target at $53,228 if the sell-off intensifies.
On the upside, resistance at $59,169 and $61,192 will need to be breached for any bullish momentum to build. Until then, the trend remains firmly bearish, with risks skewed to the downside.
Bitcoin Adoption Grows as Crypto All-Stars Nears $1M in Presale
As Bitcoin’s adoption accelerates, the newly launched platform Crypto All-Stars is gaining significant traction.
With just over two days left in its presale, the platform has raised over $945,000 out of a $1,141,838 target. The presale is set to end soon, with the current rate at 1 $STARS = $0.0014191.
Crypto All-Stars is leveraging Bitcoin’s influence to create innovative staking opportunities by integrating it with popular meme coins.
Although Bitcoin isn’t a meme coin, its substantial market impact is driving interest in projects like Crypto All-Stars, which offers unique staking options for Bitcoin and meme coin holders alike.
Since its launch, the platform has attracted considerable attention, raising $730,000 in just a week. With strategic token allocation aimed at long-term growth, Crypto All-Stars presents an appealing opportunity for investors.
If you’re a meme coin holder looking to maximize your investment, Crypto All-Stars offers a compelling alternative to Sun Wukong. Visit the website to purchase $STARS with ETH, USDT, BNB, or even by card.
Follow them on social media – X (Twitter) | Telegram to stay up-to-date on all their development plans.
Visit Crypto All-Stars
The post Bitcoin Price Could Soar to $2.9 Million: $100 Billion Asset Manager VanEck appeared first on Cryptonews.
