Analysts at VanEck Allowed Bitcoin to Rise to $4.8 Mln Provided That It Acquires The Status of The Reserve Global Currency

American investment firm VanEck believes that bitcoin (BTC) has twice the upside potential of gold, and its price could rise in the range of $1.3 mln to $4.8 mln per coin if it becomes a reserve global asset.

The experts' forecast is more of a starting point for investors who want to evaluate the value of the first cryptocurrency under an extreme scenario, i.e. with the full transfer of all world reserves into digital gold.

Analysts were prompted to consider such a scenario by recent geopolitical events. They pointed to Russia's exploration of using digital assets to transact for oil with its friendly partners China and Turkey under sanctions. VanEck also did not rule out that other countries of the world could pick up this trend. In that case, it will hit the dollar's status as the reserve global currency.

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