Jan Van Eck, CEO of leading asset manager VanEck, has predicted that Bitcoin will eventually trade at $300,000, noting it is a reasonable and conservative assertion.
Bitcoin’s upthrust frenzy has attracted global interest, with investors looking to leverage the premier asset’s growing relevance. Following its persistent break to new highs, Bitcoin is one of the most talked-about investment tools at the moment.
Meanwhile, speculation has peaked recently, with several market experts increasingly discussing Bitcoin’s price outlook in the near future. For instance, Fundstrat’s CIO
predicted
that Bitcoin would trade at six figures before the end of the year.
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Van Eck CEO Gives Bitcoin Price Outlook
Amidst the growing interest, CNBC reached out to leading asset manager Van Eck’s CEO, Jan Van Eck, for his input on Bitcoin’s near-term price expectation. In an
interview
on Friday, Van Eck speculated that Bitcoin will ultimately surge to $300,000.
The CEO based his “reasonable, base assumption” on the pioneering cryptocurrency attaining half of
gold’s market cap
. He noted that Bitcoin is digital gold and would at least reach half of all the precious metal’s valuation.
Notably, Van Eck stressed that this was conservative, noting a Bitcoin maximalist would have given a more ambitious price outlook. He said it was a base call for Bitcoin, insinuating the asset could outperform his $300,000 speculation.
Furthermore, Van Eck stated that one of Bitcoin’s biggest wins this year is the pent-up demand from individual and institutional investors for the US spot exchange-traded funds. The glaring traction towards Bitcoin products was seen in Thursday’s staggering single-day inflow of
$1.37 billion
.
The CEO added that Bitcoin’s growing relevance, as seen in the just concluded elections, was also a huge catalyst for the sector’s growth. Concerning indicators of this growing traction, he pinpointed
Trump’s presence
at the Bitcoin conference in Nashville earlier in the 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 Entrypoint for Ethereum
Van Eck digressed slightly to discuss other alternative plays to 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.”
The VanEck CEO asserted that stablecoins would take over the global payment system, and Ethereum would benefit largely from that. He further insisted that despite recent price performance, Ethereum will grow extensively in the near term.
Van Eck noted that Ethereum has recently been a
contrarian play
. However, considering its potential, he stated that now is the best time to buy into the second-largest cryptocurrency by market cap.
Meanwhile, Ethereum broke past the $3,000 price mark on Saturday, trading at $3,037 at press time. The altcoin king has recently rebounded strongly from its woes, gaining 21% in the past seven days.
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VanEck CEO Jan Van Eck Predicts Bitcoin Will Reach 300000