VanEck Analysts suggest bitcoin will cost $4.8 million

The cost of the first cryptocurrency could rise to a range of $1.3 million to $4.8 million, according to VanEck analysts, who believe that the rise in the price of bitcoin to such a level is possible if it acquires the position of an international reserve currency.

The forecast of experts can serve rather as a starting point for investors who want to evaluate the price of BTC under an “extreme” scenario. We are talking about the option of a full transfer of all world reserves into bitcoins.

Analysts also pointed to the consideration of the Russian Federation of the option of using crypto assets to close oil sales transactions in today’s conditions. VanEck does not rule out that this trend may be borrowed by other states, which may negatively affect the position of the US dollar as a world reserve currency.

“Probably, in order to diversify, central banks will change the structure of their reserves at the expense of dollars (as well as euros and yen) in favor of other assets,” experts said.

In addition to the main crypto-coin and gold, among the alternatives to the traditional currency, analysts indicated securities, real estate and money issued by emerging economies.

Meanwhile, Bloomberg Intelligence senior commodities analyst Mike McGlone considers bitcoin to be the most significant, freely traded asset at present. The expert noted that in recent weeks it has become clear that there are quite a few assets that can compete with BTC.

McGlone was surprised that bitcoin was not affected by downtime in trading and operation, while other assets turned out to be unreliable — their trading is at risk of being stopped or negative events of recent times may affect it.

“What has really struck me lately is the resilience of bitcoin. At the moment, this cryptocurrency is the most significant, freely traded asset that is traded around the clock and seven days a week,” the analyst said.

According to McGlone, many experts were forced to recognize the reliability of the crypto coin. BTC has shown mixed strength as it exists outside of the stock market.

As Nasdaq shares plummeted by about 7%, the first crypto coin went up by 5%. The analyst believes that this trend will continue, and in the future, it will be necessary to take into account these factors.

Do you agree with him?