Jan van EckThe CEO of VanEck, a US investment management company, maintains an extremely bullish stance on the matter Bitcoins (BTC)world’s largest cryptocurrency. Bitcoin is set to grow exponentially to $350,000, according to popular CEO adoption rate on a par with gold.
Bitcoin set to reach ambitious $350,000 target
In an exclusive interview from Fox Business on August 2, Van Eck predicted that the price of Bitcoin could rise to as high as $350,000. As one of Spot Bitcoin ETF issuersVan Eck is well aware of the volatility of the Bitcoin market and the cryptocurrency’s tendency to unexpected price fluctuations.
Despite these challenges, the CEO remains very bullish about future value of bitcoinHe points out that other crypto bulls have an even more bullish outlook, with some predicting that the price of a single Bitcoin could soar to an astonishing price target of $2.9 million.
While $2.9 million price forecast may seem very ambitious, Van Eck admits that it could potentially be achieved within a few decades, specifically by 2050. The CEO has established his position bullish expectations on the rapid pace of Bitcoin adoption in the financial sector.
As the first and largest cryptocurrency, Bitcoin has shown remarkable growth over the years. In 2021, it reached an all-time high of around $69,000 and in 2024, it surpassed this milestone by crossing $73,000 after the launch of the Spot Bitcoin ETF. The cryptocurrency also had impressive adoption ratewith a number BTC wallets reaching hundreds of millions of people around the world.
Van Eck revealed that “Bitcoin is becoming as popular as gold.” The CEO predicts that Bitcoin is poised to reach 50% of the total gold market capitalization. According to reportsGold’s current market capitalization is around $16.6 trillion, while Bitcoin’s market capitalization is $1.04 trillion.
Based on Van Eck’s PropheciesBitcoin is set to reach a significant market capitalization of around $8.3 trillion. This massive raise in market value would significantly boost the cryptocurrency’s price, allowing it to potentially reach the aforementioned price target of $350,000.
BTC could be in its worst month this year
Despite impressive gains in early July, Bitcoin is still experienced a significant drop in price. Previously cryptocurrency choppy to $70,000, but there was a pointed decline in their value.
According to CoinMarketCap, BTC crashed by as much as 23.95% in the past seven days. The cryptocurrency continues to be in a significant downtrend, experiencing another decline of 12.32% in the past 24 hours.
In airy of this bearish trendCryptocurrency analyst Ali Martinez revealed on X (formerly Twitter) fasting that historically, Bitcoin price The worst results are usually recorded in the months of August and September.
Due to the recent crisis and price collapse to $52,859 in August, it looks like history may be repeating itself. However, Martinez has indicated that Bitcoin’s TD sequence is a buy signal, suggesting a potential bounce is in sight.
Featured image created with Dall.E, chart from Tradingview.com
