The CEO of VanEck, an exchange-traded fund (ETF) issuer, has revealed his price target for Bitcoin (BTC) and updated his outlook on Ethereum (ETH).
In a recent interview with CNBC Television, Jan Van Eck predicts that Bitcoin’s market cap will eventually rival that of gold, leading to a price of over $250,000 for BTC.
“I think Bitcoin will reach all-time highs today, and I believe it will go even higher. My fundamental belief is that ultimately Bitcoin’s value will be half of the total value of all gold in existence, which would put it at around $300,000 per Bitcoin.”
Van Eck describes his prediction of Bitcoin’s value reaching half of all gold as a “balanced” viewpoint, contrasting with Bitcoin maximalists who may argue that it will surpass gold.
At the time of writing, Bitcoin is trading at $81,236, marking a more than 5% increase over the past 24 hours.
Turning to Ethereum, Van Eck suggests that ETH will outperform in this market cycle due to the growing global acceptance of dollar-pegged cryptocurrencies.
“I do believe that, in the grand scheme of things, stablecoins are the new global payment system. And one of the major beneficiaries will be Ethereum and Coinbase. Ethereum’s market share hit a low point in September… So, it’s a bit of a contrarian move, but Ethereum has shown strong performance in recent weeks, making it a good entry point for those who understand its advantages and disadvantages.”
At the time of writing, Ethereum is trading at $3,202, reflecting a 2.17% increase over the past day.
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