VanEck CEO Jan van Eck appeared on Fox Business. He said that bitcoin’s market capitalization would be half of gold’s. That would put bitcoin at over $350,000.
Jan van Eck talks about the future of bitcoin
Jan van Eck recently admitted that he has as much as 30% of his liquid wealth in bitcoin. During an interview with Fox Business, he explained why he is betting on the cryptocurrency.
CEO VanEck pointed to what is inevitable for the US economy: interest rate cuts by the Fed, which could begin as early as September (the next meeting of the central bank authorities is scheduled for September 18).
This is great for gold and bitcoin
– said the investor.
And indeed, the start of a downward cycle means a bull run in almost every market – stocks, precious metals and cryptocurrencies. A shift in monetary policy will weaken the US dollar.
Half of the gold market capitalization
Jan van Eck further pointed out that bitcoin is rising in price in the long term and “eventually” its market capitalization will reach the level of “half of the total market capitalization of gold.” According to his calculations, 1 BTC could then cost as much as $350,000.
It is worth adding that one of his fund’s analyses indicated that bitcoin could rise in price to nearly USD 3 million. However, only by 2050 and under very favorable conditions (using BTC in cross-border trade and central bank purchases).
Is the above completely unrealistic? No. Van Eck himself has now pointed to bitcoin adoption as a “Super Bowl, central bank” affair and BTC slowly becoming part of the monetary system.
He further explained his investing philosophy. He “likes to invest for the long term.”
(…) for me there is no doubt that bitcoin is becoming as popular as gold. I think you need to have your own diversified portfolio
– he suggested.
Today, one bitcoin is worth about $61,600, which translates to a decline of 4% over a 24-hour period and about 19% over 7 days.
