Jan van Eck, the CEO of $80.4 billion global investment manager VanEck, has recently showcased his optimism about the future trend of Bitcoin (BTC), the largest crypto by market capitalization.
According to the VanEck CEO, the price of Bitcoin could rise by 732% from its current prices to trade around $250,000 levels, which will take BTC to 50% of gold’s current market cap.
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Jan van Eck noted:
“Investors see it as a complement to gold. That’s the short version. Bitcoin has limited supply; the supply is visible. And it’s very hard, almost impossible, to change that. Bitcoin will go to half the market cap of gold, or $250,000 a Bitcoin, but that could take decades. It’s hard to put a timeframe on it.”
In the report, Van Eck pointed out that institutional investors and government will drive Bitcoin’s price appreciation.
Speaking on Bitcoin’s store-of-value use case, the VanEck CEO said the flagship cryptocurrency is already establishing itself as a threat to gold’s dominance:
“Bitcoin has further price appreciation because it’s maturing. And its institutional adoption is increasing every year. It isn’t just institutional investors, but also governments around the world that are looking to it as a useful asset…
“Part of the demand for gold has been siphoned off into Bitcoin, which is emerging as a long-term competitor to gold…
“Gold was the primary asset, but sometimes people bought silver or other precious metals. People looking for a store of value will look to gold, but also to Bitcoin. We’re in the middle stages of that adoption cycle, and there is further upside.”
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