As a seasoned analyst with over two decades of experience in the financial industry, I find Van Eck’s Bitcoin predictions intriguing yet plausible, given the rapid adoption and growing institutional interest in cryptocurrencies. His comparison of Bitcoin to gold is not unfounded, considering their similar roles as digital/physical stores of value and safe havens during economic uncertainty.
During a recent appearance on Fox Business, VanEck CEO Jan van Eck predicted that the price of Bitcoin could surge to $350,000.
1 Way of Paraphrasing: What method did Van Eck use to determine that target? If Bitcoin were trading at that specific price point, it could potentially account for half of gold’s total market capitalization.
In the long run, Bitcoin could surge to as high as $2.9 million, according to the executive.
He firmly believes that Bitcoin is, at present, being embraced in a manner similar to how gold is, and he expressed this thought as being quite clear or self-evident.
Van Eck has added that investors are supposed to have their own diversified portfolios.
Previously this year, Blockstream’s CEO, Adam Back, predicted that Bitcoin might surge to a whopping $700,000. If this happens, its total market value would surpass the current worth of all gold in the market.
presently, the total value of all gold in circulation amounts to an astounding 16.8 trillion US dollars; not too long ago, the price of gold peaked at an unprecedented record high of 2,500 dollars per ounce.
As a cryptocurrency investor, I’ve noticed Bitcoin taking another dip and falling below the $63,000 mark again. This is about 14.8% away from its all-time high set in March. However, I find comfort in Van Eck’s recent statement that such corrections are typical for highly volatile assets like Bitcoin.
Critic of cryptocurrencies, Peter Schiff, forecasts that within the next two years, Bitcoin will no longer match or surpass the performance of gold.
VanEck’s crypto ETF launches
According to a report by U.Today, the head of VanEck characterized the approval of Ethereum ETFs in June as a momentous change. In July, VanEck was among the firms that successfully introduced these financial products.
In late June, VanEck also submitted a proposal to launch a spot-based Solana exchange-traded fund.
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2024-08-02 18:47