Jan Van Eck, CEO of leading asset management firm VanEck, predicts that Bitcoin will eventually reach $300,000, which he notes is a reasonable and conservative statement.
Bitcoin's rally has captured global attention as investors look to capitalize on the top asset's growing importance. Bitcoin is currently one of the most watched investment vehicles as it continues to break new highs.
Meanwhile, speculation has reached a peak recently, with several market experts continuously discussing Bitcoin’s near-term price outlook. For example, Fundstrat’s chief investment officer predicts that Bitcoin will hit six figures by the end of the year.
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Van Eck CEO gives Bitcoin price outlook
Amid the growing interest, CNBC reached out to Jan Van Eck, CEO of leading asset manager VanEck, to ask for his thoughts on Bitcoin’s short-term price expectations. In an interview on Friday, Van Eck speculated that Bitcoin will eventually surge to $300,000.
The CEO based his “reasonable, underlying assumption” on the pioneering cryptocurrency reaching half the market value of gold. He noted that Bitcoin is digital gold and will reach at least half of the precious metal’s valuation.
Notably, Van Eck stressed that this is a conservative prediction, noting that Bitcoin’s extreme supporters may offer a more aggressive price outlook. He stated this as a fundamental prediction for Bitcoin, suggesting that the asset could exceed his $300,000 speculation.
Additionally, Van Eck said that one of Bitcoin’s biggest wins this year has been pent-up demand for U.S. spot exchange-traded funds from both individual and institutional investors. Thursday’s astonishing single-day inflow of $1.37 billion showed clear interest in Bitcoin products.
The CEO added that Bitcoin’s growing importance, as seen in the just-concluded election, is also a major driver of growth in the space. As indicators of this growing trend, he pointed to Trump’s attendance at a Bitcoin conference in Nashville earlier this year and how digital assets became a talking point in the Ohio Senate race.
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Van Eck says now is a good entry point for Ethereum
Van Eck goes off topic slightly to discuss other alternative ways to play with Bitcoin. He mentioned assets like Coinbase’s COIN and Ethereum, but noted that the latter is a good buy for “those who understand its business proposition.”
VanEck’s CEO asserted that stablecoins will take over the global payment system, and Ethereum will benefit greatly from it. He further insisted that despite the recent poor price performance, Ethereum will see significant growth in the short term.
Van Eck noted that Ethereum has been a contrarian play lately. However, considering its potential, he said now is the best time to buy into the second-largest cryptocurrency by market cap.
Meanwhile, Ethereum surpassed the $3,000 price mark on Saturday and was trading at $3,037 at the time of reporting. The king of altcoins has recently rebounded strongly from its troubled past, gaining 21% in the past seven days.
Disclaimer: The content of this article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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