🌙 Bitcoin Going to $29M by 2050

By 2050, bitcoin may settle 10% of international trade and 5% of local trade gain with central banks' holding it as a reserve asset, asset manager VanEck said in a report.

Author

Mike Gavela
July 25, 2024

Crypto Roundup - July 25

VanEck, a prominent investment firm, forecasts Bitcoin could reach $2.9 million by 2050, though it acknowledges this prediction requires significant developments in technology and adoption. Meanwhile, Marathon Digital Holdings has expanded its Bitcoin holdings to over 20,000 BTC, making a notable $100 million purchase. Lastly, trading volume for the newly launched spot Ethereum ETF has seen a decline, falling below $900 million on its third day of trading.

Top Stories:

  • VanEck predicts Bitcoin could hit $2.9 million by 2050, contingent on substantial industry growth.

  • Marathon Digital Holdings boosts its Bitcoin reserves, now exceeding 20,000 BTC.

  • Ethereum ETF trading volume decreases, falling below $900 million after initial surge.

TOP STORIES

VanEck Sees Bitcoin Hitting $2.9M by 2050 – but a Lot Has to Happen First

Bitcoin is benefiting from massive economic imbalances, rising distrust in institutions, fiscal recklessness and mounting debt burden, VanEck's Matthew Sigel said in an interview.

www.coindesk.com/markets/2024/07/25/vaneck-sees-bitcoin-hitting-29m-by-2050-but-a-lot-has-to-happen-first

MARA purchases $100 million worth of bitcoin, holdings surpass 20,000 BTC

MARA also said it intends to adopt a full "HODL" approach to its bitcoin treasury policy, retaining all bitcoin mined.

www.theblock.co/post/307434/mara-purchases-100-million-worth-of-bitcoin-holdings-surpass-20000-btc

Spot Ethereum ETF trading volume cools in third day, falls under $900 million

Spot Ethereum ETFs generated strong trading volume on their third day on the market, but demand is cooling off after their hot start. 

www.theblock.co/post/307616/spot-ethereum-etf-trading-volume-cools-in-third-day-falls-under-900-million

FUNDRAISING

OTHER HEADLINES

Bitcoin and tech stock continue tumbling after strong US GDP data

Bitcoin fell further, alongside tech stocks, failing to rebound after Thursday's strong U.S. GDP data and cooler PCE inflation.

www.theblock.co/post/307485/bitcoin-and-tech-stock-continue-tumbling-after-strong-us-gdp-data

Aave Community Weighs Proposal to Distribute Protocol Revenue Among Token Holders - The Defiant

Marc Zeller, the founder of Aave-Chan Initiative (ACI), published a proposal to Aave governance on July 25 to create a clear roadmap towards distributing Aave’s protocol revenue among token holders, what in decentralized finance (DeFi) is known as a “fee switch.”

thedefiant.io/news/defi/aave-community-weighs-proposal-to-distribute-protocol-revenue-among-token-holders

New Jersey mayor plans to invest in Bitcoin ETFs for city’s pension fund

Jersey City Mayor Steven Fulop said the city was updating its paperwork with the SEC to reflect an investment in Bitcoin ETFs, similar to the State of Wisconsin Investment Board.

cointelegraph.com/news/jersey-city-mayor-bitcoin-pension-fund

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