Jan van Eck, the CEO of VanEck, an American investment management firm, has maintained his optimistic outlook on Bitcoin, despite the cryptocurrency’s recent market volatility.
In an exclusive interview with Fox Business, Van Eck said that he believes Bitcoin could reach a price of $350,000 soon and even predicts a long-term potential price of up to $2.9 million. These projections are based on Bitcoin’s potential to reach half of gold’s total market value.
A Price Target of $2.9 Million by 2050?
As of right now, Bitcoin is in a downward trend. It has lately dropped below $63,000, or around 14% below its peak from March. Van Eck, however, seems unconcerned by this decrease and attributes it to the intrinsic volatility of Bitcoin. He underlines that in the cryptocurrency market, these kinds of price swings are typical and should be anticipated.
The increasing acceptance of Bitcoin in the financial industry serves as the foundation for Van Eck’s long-term price projections. Bitcoin, the first and biggest cryptocurrency, has grown significantly over time. It peaked in 2021 at over $69,000, then after the introduction of Spot Bitcoin ETFs in 2024, it broke this record and reached over $73,000.
One of the major financial firms that registered and then introduced spot Bitcoin exchange-traded funds (ETFs) this year is VanEck. The CEO has long maintained an optimistic view of Bitcoin, emphasising why it will unavoidably surpass its 2021 ATH of $69,000 (which it did following the introduction of the ETFs). Furthermore, he stated that the digital asset had taken up “way over 30%” of his portfolio.
How Is Bitcoin Performing?
As of the time of writing, Bitcoin is trading at $60,652.96, 1% lower than the previous day, with a global market cap of $1.2 trillion. Van Eck’s unwavering bullish stance highlights his belief in Bitcoin’s long-term value, despite the challenges and volatility the cryptocurrency may face in the short term.
Crypto analyst Ali Martinez stated in a post on X (Twitter) that, traditionally, the worst performance for Bitcoin’s price occurs during August and September. This information is relevant given the current bearish trend.
Individuals are beginning to consider Bitcoin to be a serious investment. Van Eck thinks that Bitcoin’s future might resemble that of gold. Bitcoin’s value may increase significantly when more people start utilizing it.