Vaneck’s report explained that the investment team “attempted to quantify the emergence of new gold or bitcoin-backed currency regimes.” The study’s calculations estimate that gold could reach $31,000 per ounce and bitcoin could potentially hit $1.3 million per coin.
Vaneck’s Insights blog post says “money has changed,” and highlights the recent sanctions against Russia which froze the country’s USD, EUR, and JPY fiat reserves.
We used current reserve holdings in troy ounces for gold, and we used the current exchange rate to convert the monetary base liability into U.S.
Vaneck’s team did the same calculations for bitcoin .
The report’s authors stress that the circumstances required for this to happen would be an unusual event and “assumptions on the probability of that ‘extreme’ scenario occurring, or on the portion bitcoin will be fulfilling in any new reserve status,” Vaneck’s report states.
“‘Stories’ about the future of money are interesting, but if one agrees that this is a potentially new paradigm, an attempt at quantification is needed,” Vaneck’s report concludes.
Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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