The CEO of VanEck Global Investments, Jan van Eck, has reportedly expressed optimism that the price of Bitcoin (BTC) will reach new heights.
The CEO of VanEck said that bitcoin could rise by about 732% from current levels to reach $250,000, according to a report from trading publisher Barron’s.
Van Eyck says that at the six-figure price, which he believes could take decades to materialize, Bitcoin’s market value will be around 50% of gold’s.
Investors see it as a complement to gold. This is the short version. The supply of bitcoin is limited; The display is visible. It is very difficult, and almost impossible, to change it. Bitcoin will go to half the market value of gold, or $250,000 per bitcoin, but that could take decades. It’s hard to set a deadline. »
Bitcoin is trading at $29,226 at the time of writing.
Per the report, Van Eyck says institutional investors and governments will drive the bitcoin price rally.
“Bitcoin is enjoying a further rise in price as it matures. Its institutional adoption is increasing every year. It is not only institutional investors but also governments around the world who consider it a beneficial asset.
In the case of Bitcoin’s much-touted store of value, the CEO of the $80.4 billion asset manager says that Bitcoin is already establishing itself as a threat to gold’s dominance.
“Some demand for gold has shifted to Bitcoin, which is emerging as a long-term competitor to gold…
Gold was the main asset, but sometimes people would buy silver or other precious metals. People looking for a store of value will look to gold, but also bitcoin. We are in the middle of this adoption cycle, and there are more benefits.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making high-risk investments in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may incur is your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
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