Jan Van Eck, CEO of VanEck Asset Manager, in an interview with Barrons predicted the price of the first cryptocurrency to rise to $250,000.
“But that could take decades. It is difficult to set a time frame for this,” he added.
According to Van Eck, bitcoin has a bright future and has to reach half of the market capitalization of gold, which is about $10.6 trillion.
CEO VanEck noted the gradual acceptance of the first cryptocurrency by institutional investors and governments of different countries. He also highlighted the benefits of blockchain to increase efficiency and reduce risk in the financial system.
According to Van Eck, investors should direct 0.5%-3% of the capital into bitcoin, but he allocated a share more because of his belief in the success of the asset. The top manager has also owned Ethereum since 2019 and is optimistic about the prospects for the altcoin.
“I love the idea of buying something, putting it in your portfolio and not worrying about it,” he added.
Regarding the bitcoin ETF, the head of VanEck said that the US Securities and Exchange Commission does not want to approve the instrument before obtaining jurisdiction over cryptocurrency exchanges. He doubted the adoption of the relevant bill in 2022 because of the elections to the US Senate.
Earlier, the head of MicroStrategy, Michael Saylor, called Bitcoin “the most reliable thing in an unstable world.”
Recall that in early June, Arthur Hayes, co-founder of the BitMEX cryptocurrency derivatives exchange, said that digital gold quotes had already reached the bottom of the current cycle.
At the end of May, JPMorgan analysts called the fair price of Bitcoin $38,000.