Jan van Eck, the Chief Executive Officer (CEO) of VanEck, an American investment management firm, has maintained an extremely bullish stance on Bitcoin (BTC), the world’s largest cryptocurrency. According to the popular CEO, Bitcoin is set to witness an exponential surge to $350,000, driven by an adoption rate on par with gold.
Bitcoin Set To Hit Ambitious $350,000 Target
In an exclusive interview with Fox Business on August 2, Van Eck predicted that the price of Bitcoin could surge as high as $350,000. As one of the issuers of Spot Bitcoin ETFs, Van Eck is keenly aware of the volatility in the Bitcoin market and the cryptocurrency’s propensity for unexpected price fluctuations.
Despite these challenges, the CEO remains highly optimistic about the future value of Bitcoin. He highlights that other crypto bulls have an even more bullish perspective, with some forecasting that the price of one Bitcoin could soar to an astonishing price target of $2.9 million.
While a $2.9 million price prediction might seem highly ambitious, Van Eck acknowledges that it could potentially be achieved within a few decades, specifically by 2050. The CEO has rooted his bullish expectations on the rapid adoption rate of Bitcoin in the financial sector.
As the first and largest cryptocurrency, Bitcoin has shown remarkable growth over the years. It reached an all-time high of about $69,000 in 2021 and surpassed this milestone in 2024, surging above $73,000 following the launch of Spot Bitcoin ETFs. The cryptocurrency has also had an impressive adoption rate, with the number of BTC wallets reaching hundreds of millions globally.
Van Eck has revealed that “Bitcoin is becoming adopted the way gold is.” The CEO projects that Bitcoin is poised to reach 50% of the total market capitalization of gold. According to reports, gold’s current market capitalization is about $16.6 trillion, while Bitcoin’s stands at $1.04 trillion.
Based on Van Eck’s predictions, Bitcoin is set to reach a substantial market capitalization of approximately $8.3 trillion. This massive increase in market value would significantly boost the price of the cryptocurrency, allowing it to potentially reach the aforementioned $350,000 price target.
BTC Could Be In Its Worst Performing Month This Year
Despite witnessing impressive gains earlier in July, Bitcoin has experienced a major pullback in its price. Previously, the cryptocurrency surged as high as $70,000 but experienced a strong rejection before dropping in value.
According to CoinMarketCap, BTC has crashed by a whopping 23.95% over the past seven days. The cryptocurrency is still on a significantly downward trend, experiencing another 12.32% decrease in the last 24 hours.
In light of this bearish trend, crypto analyst, Ali Martinez revealed in an X (formerly Twitter) post that historically, Bitcoin’s price tends to witness the worst performance between the months of August and September.
With the recent downturn and a price crash to $52,859 this August, it seems history might be repeating itself. However, Martinez has indicated that Bitcoin’s TD sequential is presenting a buy signal, suggesting a potential rebound could be in sight.
Featured image created with Dall.E, chart from Tradingview.com