Bitcoin Price to Hit $300,000? VanEck CEO Believes It’s a Reasonable Target
The post Bitcoin Price to Hit $300,000? VanEck CEO Believes It’s a Reasonable Target appeared on BitcoinEthereumNews.com.
Jan Van Eck, the Chief Executive Officer of the leading asset management firm VanEck, has estimated Bitcoin price to hit $300,000. He referred to this target as a ‘reasonable, base assumption,’ meaning that though Bitcoin is often compared to gold, it could reach a value of half of gold’s market capitalization. However, Van Eck pointed out that the figure estimated is conservative, while some maximalists may expect even more significant rates. – Advertisement – This projection emerges at a time when Bitcoin has been widely recognized as an international means of value storage and as a hedge currency. Trends indicate that there is rising interest in the digital currency, especially from institutional investors. The CEO also pointed out that this increasing trend is supported by a $1.37 billion single-day trading volume of Bitcoin financial products. – Advertisement – Investor Demand and Institutional Traction The increase in Bitcoin price has been attributed to an increase in adoption from retail investors and institutional investors following the approval of Spot Bitcoin ETF in the United States. Van Eck pointed out that the interest has shifted toward Bitcoin ETFs as investors consider more conventional ways. However, Van Eck also noted that the increased demand has sunk its roots almost in every facet of culture and economics. He used instances such as Donald Trump’s presence at a Bitcoin conference and even discussions on digital assets in the Ohio Senate race as part of the growing mainstream adoption of Bitcoin. According to Van Eck, these factors together with high demand for ETFs support Bitcoin’s future advancement. Ethereum Gains Attention as Alternative to Bitcoin In addition, Van Eck also pointed to Ethereum as an important asset. Especially for those who go beyond the provision of Bitcoin just as a means of payment. He suggested that Ethereum could…
Filed under: News - @ November 10, 2024 10:41 pm