CEO of global investment management firm VanEck Jan van EckHe stated that he believes the Bitcoin (BTC) price will make a ‘stratospheric’ rise.
According to a report published by Barron’s, which publishes business-related publications, VanEck CEO thinks that Bitcoin can reach $250,000, gaining about 732% from current levels.
As for when this rise may take place, he thinks that this rise may take a long time, but after these long years, it will reach a six-digit price and acquire about 50% of the current markets for gold.
“Investors bitcoinsees it as a complement to gold. There is a limited supply of BTC and you can track that supply. Changing this supply is very difficult or even nearly impossible. The leading crypto-asset will be worth half the market cap of gold, or $250,000 per BTC, but that could take decades. It is very difficult to give a clear time frame for this.”
According to the report, Van Eck thinks institutional investors and governments will drive Bitcoin’s price increase.
“As Bitcoin is now more mature, it also has the possibility of further price increases. Its adoption on the corporate side is also increasing every year. Besides, not only institutional investors but also governments around the world see BTC as beneficial.”
The CEO of the $80.4 billion asset manager, in Bitcoin’s much-lauded store-of-value use case, is arguing that Bitcoin itself goldHe says it poses a threat to his sovereignty.
“Some of the demand for gold has shifted towards Bitcoin, which has emerged as a long-term competitor to gold. Previously, gold was the primary asset, but people also bought silver or other precious metals. People looking for a store of value are now looking not only at gold but also Bitcoin. We are only in the mid-stage of this adoption cycle and this adoption will only increase.”
At the time of writing, Bitcoin was trading around $29,000. You can follow the current price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.