Jan van Eck, the Chief Executive Officer (CEO) of VanEck, an American funding administration agency, has maintained an especially bullish stance on Bitcoin (BTC), the world’s largest cryptocurrency. According to the favored CEO, Bitcoin is about to witness an exponential surge to $350,000, pushed by an adoption rate on par with gold.
Bitcoin Set To Hit Ambitious $350,000 Target
In an unique interview with Fox Business on August 2, Van Eck predicted that the value of Bitcoin might surge as excessive as $350,000. As one of many issuers of Spot Bitcoin ETFs, Van Eck is keenly conscious of the volatility within the Bitcoin market and the cryptocurrency’s propensity for unexpected price fluctuations.
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Despite these challenges, the CEO stays extremely optimistic concerning the future value of Bitcoin. He highlights that different crypto bulls have an much more bullish perspective, with some forecasting that the value of 1 Bitcoin might soar to an astonishing worth goal of $2.9 million.
While a $2.9 million price prediction might sound extremely formidable, Van Eck acknowledges that it might doubtlessly be achieved inside just a few many years, particularly by 2050. The CEO has rooted his bullish expectations on the fast adoption price of Bitcoin within the monetary sector.
As the primary and largest cryptocurrency, Bitcoin has proven exceptional development through the years. It reached an all-time excessive 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 additionally had an impressive adoption rate, with the variety of BTC wallets reaching tons of of thousands and thousands globally.
Van Eck has revealed that “Bitcoin is becoming adopted the way gold is.” The CEO tasks that Bitcoin is poised to achieve 50% of the overall market capitalization of gold. According to reports, gold’s present market capitalization is about $16.6 trillion, whereas Bitcoin’s stands at $1.04 trillion.
Based on Van Eck’s predictions, Bitcoin is about to achieve a considerable market capitalization of roughly $8.3 trillion. This huge improve in market worth would considerably increase the value of the cryptocurrency, permitting it to doubtlessly attain the aforementioned $350,000 worth goal.
BTC Could Be In Its Worst Performing Month This Year
Despite witnessing spectacular beneficial properties earlier in July, Bitcoin has experienced a major pullback in its price. Previously, the cryptocurrency surged as excessive as $70,000 however skilled a powerful rejection earlier than dropping in worth.
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According to CoinMarketCap, BTC has crashed by a whopping 23.95% over the previous seven days. The cryptocurrency continues to be on a considerably downward pattern, experiencing one other 12.32% lower within the final 24 hours.
In mild of this bearish trend, crypto analyst, Ali Martinez revealed in an X (previously Twitter) post that traditionally, Bitcoin’s price tends to witness the worst efficiency between the months of August and September.
With the current downturn and a price crash to $52,859 this August, it appears historical past is likely to be repeating itself. However, Martinez has indicated that Bitcoin’s TD sequential is presenting a purchase sign, suggesting a possible rebound might be in sight.
Featured picture created with Dall.E, chart from Tradingview.com
