Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
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\u2019s 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\u2019s propensity for unexpected price fluctuations. Related Reading: Can XRP Rally 1,000X Despite The Drop Below $0.6? 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.\u00a0 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.\u00a0 Van Eck has revealed that \u201cBitcoin is becoming adopted the way gold is.\u201d The CEO projects that Bitcoin is poised to reach 50% of the total market capitalization of gold. According to reports, gold\u2019s current market capitalization is about $16.6 trillion, while Bitcoin\u2019s stands at $1.04 trillion. Based on Van Eck\u2019s 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.\u00a0 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.\u00a0 Related Reading: Ethereum Crash A Buying Opportunity? This Whale Thinks So 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.\u00a0 In light of this bearish trend, crypto analyst, Ali Martinez revealed in an X (formerly Twitter) post that historically, Bitcoin\u2019s price tends to witness the worst performance between the months of August and September.\u00a0 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\u2019s TD sequential is presenting a buy signal, suggesting a potential rebound could be in sight.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":633198,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-633147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n
VanEck CEO Compares Bitcoin Adoption To Gold, Reveals Why Price Will Touch $350,000<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n