VanEck CEO Predicts Bitcoin will Jump as High as $250k

Jan Van Eck is CEO of an $80.4 billion Asset Management Company called VanEck, which is considered a global leader in the sector. Recently, Van Eck shared his optimistic views on the price projections for the top coin in the upcoming days. As per his remarks, Bitcoin is poised to undergo a massive price rally in the long run that can see the token getting a promotion of 732%.

In line with his prediction, if the price of the top coin does undergo such a massive correction, it would mean that the per-unit cost of the top coin can reach as high as $250k. The statement of Van Eck was recorded and published by Barron’s publishers. At present, the price of the flagship digital currency is set around $23k support.

While Van Eck has issued a very positive position on Bitcoin, he has also maintained that the price tag can take decades to become as his predictions. He also concluded that eventually, the market cap of the Bitcoin network would expand to become as large as 50% of the gold commodity. Elaborating his point, he claimed that many people see Bitcoin as a complement to gold.

He also claimed that Bitcoin’s role as a contemporary of gold is only one side of the proverbial coin. Van Eck said that since the supply of Bitcoin is limited and open-sourced, it can go on to become the second-best commodity in the market next to gold. In the end, he interjected that Bitcoin price taking over 50% of the gold market could take decades to materialize.

Role of Government Agencies and Private Institutions 

Where most people consider that Bitcoin is at odds with the traditional monetary system and the centralized financial regulators, Van Eck seems to disagree. In his view, it is the state and the financial enterprises that are going to play an important role in driving the prices of Bitcoin to the next level. He also pointed out that the commercial interest in Bitcoin has been rising consistently over the years.

Van Eck exclaimed that many investors are diversifying their investment portfolio with Bitcoin by opening up the ratios for gold positions. He also said that at first, gold was considered the most fundamental asset class, but then people started to take an interest in other alternatives like silver and precious metals. So, now when investors are exploring store of value options, they will also scan Bitcoin in addition to gold.

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