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Asset manager VanEck, an issuer of spot bitcoin (BTC) and ether (ETH) ETFs, says that BTC's price may reach $2.9 million by 2050 – assuming some pretty high hurdles are cleared. Under VanEck's assumptions in a Wednesday report, bitcoin would become an essential part of the international monetary system in the next decades as rising geopolitical tensions and ballooning debt servicing costs erode the current system. "As we look at the world right now, we see enormous economic imbalances, rising distrust in existing institutions and continued deglobalization," Matthew Sigel, head of digital asset research at Van Eck and one of the report's authors, said in a Wednesday interview on CNBC. "We think many of these distortions stem from ... a massive misallocation of capital since the global financial crisis as G7 governments have abused the printing press, spending borrowed money on impossible goals," Sigel explained.

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