US-based investment entity VanEck reportedly shared their belief that Bitcoin had a two-fold increase compared to gold, and could reach as high as $4.8 million per coin, should it function as the global reserve asset.

Specifically, this remark for BTC was reportedly included in an insights piece published on March 31st by VanEck’s head of active EM debt Eric Fine and chief economist Natalia Gurushina. 

In the piece, the pair reportedly spent efforts to make comparisons between the price implications for gold and Bitcoin, should either were to be adopted as the backing for currency regimes throughout the globe.

VanEck’s analysis reportedly discovered that the implied price for BTC falls within the range of $1.3 million to $4.8 million. The lower prediction was dependent on BTC as a monetary base (M0), with investment database Investopedia claiming to cover every supply of a currency in circulation and bank deposits but is not a preferred marker for economists to look at.

The higher prediction was reportedly generated from the more common M2 assessment, with Investopedia viewed to be a measure of the money supply that covers all bank deposits with a currency and its ability to be converted into fiat.

Regarding their assessment of the per-ounce price of gold, Fine and Gurushina went more with the M0 price prediction of $31,000 as a reliable starting point, due to the fact that  “a very big number of central banks have little or no reserve gold.”

The deposits insufficiency reportedly placed the M2 prediction to a much higher and less reliable $105,000 per ounce of gold.

Geological tensions in recent times have reportedly resulted in Russia employing different currencies, including Bitcoin, to support the transactions for oil with their “friendly” partners China and Turkey.