VanEck believes the price of bitcoin could rise to $2.9 million by 2050, according to a “base case” scenario

Wyoming Senator Cynthia Lummis is lobbying for a legislative initiative that would require the Federal Reserve to include the major cryptocurrency as part of its foreign exchange reserves. The politician will soon voice her proposal at the Bitcoin Conference before Donald Trump speaks.

Lummis’ associates hope for the support of the US presidential candidate. The realization of her initiative can make more effective management of the financial system and support the stability of the dollar exchange rate, the sources said.

To make BTC a reserve asset, it will be necessary to get the support of the president and Congress. That could be a challenge, given the skepticism among political and economic elites about the efficacy of cryptocurrencies.

“There is no more reliable investment than U.S. government bonds. I don’t really see why we should keep bitcoin as a strategic reserve. On the positive side, it’s a good way for the government to diversify its assets,” said economist and former Trump advisor Steve Moore.

VanEck analysts believe that the value of bitcoin by 2050, according to the “baseline scenario”, can grow to $2.9 million. This is possible if the main cryptocurrency is accepted as a global instrument of exchange and reserve currency.

In the most favorable scenario, the price of bitcoin could reach $52.4 million.

“There is a possibility that by 2050, the first cryptocurrency in terms of settlement will take a share of 10% of global international trade and 5% of global domestic trade. The baseline scenario means that central banks will hold 2.5% of their funds in bitcoins,” said VanEck analysts.

Do you believe in such a prediction?