VanEck CEO Compares Bitcoin Adoption To Gold, Reveals Why Price Will Touch $350,000
06 August 2024 - 2:00PM
NEWSBTC
Jan van Eck, the Chief Executive Officer (CEO) of VanEck, an
American investment management firm, has maintained an extremely
bullish stance on Bitcoin (BTC), the world’s largest
cryptocurrency. According to the popular CEO, Bitcoin is set to
witness an exponential surge to $350,000, driven by an adoption
rate on par with gold. Bitcoin Set To Hit Ambitious $350,000 Target
In an exclusive interview with Fox Business on August 2, Van Eck
predicted that the price of Bitcoin could surge as high as
$350,000. As one of the issuers of Spot Bitcoin ETFs, Van Eck is
keenly aware of the volatility in the Bitcoin market and the
cryptocurrency’s propensity for unexpected price fluctuations.
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Despite these challenges, the CEO remains highly optimistic about
the future value of Bitcoin. He highlights that other crypto bulls
have an even more bullish perspective, with some forecasting that
the price of one Bitcoin could soar to an astonishing price target
of $2.9 million. While a $2.9 million price prediction might
seem highly ambitious, Van Eck acknowledges that it could
potentially be achieved within a few decades, specifically by 2050.
The CEO has rooted his bullish expectations on the rapid adoption
rate of Bitcoin in the financial sector. As the first and largest
cryptocurrency, Bitcoin has shown remarkable growth over the years.
It reached an all-time high of about $69,000 in 2021 and surpassed
this milestone in 2024, surging above $73,000 following the launch
of Spot Bitcoin ETFs. The cryptocurrency has also had an impressive
adoption rate, with the number of BTC wallets reaching hundreds of
millions globally. Van Eck has revealed that “Bitcoin is
becoming adopted the way gold is.” The CEO projects that Bitcoin is
poised to reach 50% of the total market capitalization of gold.
According to reports, gold’s current market capitalization is about
$16.6 trillion, while Bitcoin’s stands at $1.04 trillion. Based on
Van Eck’s predictions, Bitcoin is set to reach a substantial market
capitalization of approximately $8.3 trillion. This massive
increase in market value would significantly boost the price of the
cryptocurrency, allowing it to potentially reach the aforementioned
$350,000 price target. BTC Could Be In Its Worst Performing
Month This Year Despite witnessing impressive gains earlier in
July, Bitcoin has experienced a major pullback in its price.
Previously, the cryptocurrency surged as high as $70,000 but
experienced a strong rejection before dropping in value.
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Thinks So According to CoinMarketCap, BTC has crashed by a whopping
23.95% over the past seven days. The cryptocurrency is still on a
significantly downward trend, experiencing another 12.32% decrease
in the last 24 hours. In light of this bearish trend, crypto
analyst, Ali Martinez revealed in an X (formerly Twitter) post that
historically, Bitcoin’s price tends to witness the worst
performance between the months of August and September. With
the recent downturn and a price crash to $52,859 this August, it
seems history might be repeating itself. However, Martinez has
indicated that Bitcoin’s TD sequential is presenting a buy signal,
suggesting a potential rebound could be in sight. Featured
image created with Dall.E, chart from Tradingview.com
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