VanEck CEO Predicts Bitcoin Could Reach $350,000

The maturation of the leading cryptocurrency will eventually see its market capitalization reach half that of gold, according to VanEck CEO Jan van Eck in an interview with Fox Business.

VanEck CEO: Bitcoin will hit $2.9M by 2050https://t.co/V3QLjWk3WG

— FOX Business (@FoxBusiness) August 1, 2024

Based on the current market capitalization of gold, this forecast suggests a bitcoin price of $350,000 per coin.

He also discussed an optimistic scenario where central banks integrate the cryptocurrency into their ecosystems, potentially driving the asset’s price to $1 million, van Eck believes.

The VanEck CEO did not predict an exact price by a specific date but noted that under certain conditions, bitcoin’s value could reach $2.9 million by 2050.

This assumption aligns with the company’s analysts’ “base scenario,” which suggests significant growth will be influenced by its adoption as a payment method.

During a presentation at the Bitcoin 2024 conference, van Eck revealed his investments in the leading cryptocurrency. He stated that he has allocated “more than 30%” of his capital to bitcoin.

BREAKING: $108 billion VanEck CEO says he owns “way over 30%” of his portfolio in #Bitcoin ? pic.twitter.com/K0u5D4T79U

— Bitcoin Magazine (@BitcoinMagazine) July 26, 2024

The top executive added that deciding on the exact amount to invest in digital gold is a challenging task, as a strong optimistic outlook undermines any rationale for selling it.

“Everyone I meet at conferences owns much more bitcoin. Why should I sell if I believe in this super-bullish scenario?” he concluded.

Earlier, analysts at Standard Chartered predicted bitcoin could rise to $100,000 by the U.S. presidential elections in November. Bitwise offered a similar forecast for the end of the year.