Jan VanEck, CEO of global investment manager VanEck, believes that the value of a single bitcoin could soar to $250,000, but that would be decades away.
And this is not the first such optimistic forecast: back in January, research group ARK Invest said that by 2030, one BTC may be valued at $ 1.36 million. The main supporter of bitcoin and CEO of MicroStrategy Michael Saylor believes that in the future the price of the main cryptocurrency may reach $ 1 million.
Jan Van Eck added that bitcoin has been widely accepted by institutional investors and governments interested in the asset, and Slvador and the Central African Republic have made it legal tender.
Speaking of gold, which has not shown much growth in two years, VanEck mentioned that bitcoin, which takes away some of the demand for the precious metal, is one of the reasons for its sluggish price performance.
However, VanEck’s head believes that “gold will be better off when everyone is worried about the global recession and asking when the Fed will next cut rates. Until then, gold will have headwinds.”
The expert added that investors should allocate a maximum of three percent of their portfolios to BTC, showing that his commitment to bitcoin does not hinder investment caution. The top manager himself has also owned ether since 2019, saying it’s wise to have a diversified portfolio.
The SEC does not want to approve a bitcoin-ETF until it has authority over the underlying cryptocurrency exchanges, which should happen under the law. And in an election year, it is unlikely that legislation will be passed.
I’m excited that there is bipartisan talk about what this legislation should look like,” is how VanEck commented on spot bitcoin-ETFs.
VanEck was one of the first companies to apply for a spot bitcoin-ETF, but the U.S. SEC delayed its review and then rejected that and similar applications.