VanEck CEO Jan Van Eck Predicts Bitcoin Will Trade at $300,000, Says Now Is a Good Entrypoint for Ethereum

Bitcoin's upthrust frenzy has attracted global interest, with investors looking to leverage the premier asset's growing relevance.

Asset manager VanEck’s CEO, Jan Van Eck, has predicted that Bitcoin will eventually trade at $300,000, asserting that it is a reasonable and conservative assumption.

Bitcoin has seen a strong upthrust this year, attracting attention from around the globe. Investors are looking to capitalize on the growing relevance of the premier digital asset. As a result of its persistent break to new highs, Bitcoin is one of the most talked-about investment vehicles at the moment.

Several market experts have been discussing Bitcoin’s price outlook in the near future. For example, Fundstrat’s CIO predicted that Bitcoin will trade at six figures before the end of the year.

Van Eck CEO on Bitcoin Price

In light of the growing interest, CNBC approached leading asset manager VanEck’s CEO, Jan Van Eck, to get his thoughts on Bitcoin’s near-term price expectation.

During an interview on Friday, Van Eck speculated that Bitcoin will ultimately surge to $300,000. The CEO arrived at this “reasonable, base assumption” based on the pioneering cryptocurrency attaining half of gold’s market capitalization.

He went on to say that Bitcoin is digital gold and would at least reach half of all the precious metal’s valuation. Stressing that this was conservative, Van Eck said a Bitcoin maximalist would give a higher price outlook.

According to him, this is a base call for Bitcoin, suggesting that the asset could ultimately outperform his $300,000 speculation.

Moreover, Van Eck stated that one of Bitcoin’s biggest wins this year is the pent-up demand from both 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 in the just concluded elections was also a huge catalyst for the sector’s growth.

Indicating this growing traction, he mentioned 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.

Van Eck Says Now is a Good Entrypoint for ETH

Van Eck briefly digressed to discuss other alternative plays to Bitcoin, mentioning assets like Coinbase’s COIN and ETH, adding that the latter is a good buy for “those who understand its business proposition.”

The VanEck CEO asserted that stablecoins will take over the global payment system and that Ethereum will benefit largely from that. He further insisted that despite recent price performance, ETH will grow extensively in the near term.

According to Van Eck, ETH 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, ETH crossed the $3,000 price mark on Saturday, trading at $3,037 at press time. The altcoin king has recently gained 21% in the past seven days from its woes.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

The above is the detailed content of VanEck CEO Jan Van Eck Predicts Bitcoin Will Trade at $300,000, Says Now Is a Good Entrypoint for Ethereum. For more information, please follow other related articles on the PHP Chinese website!