VanEck CEO foresees Bitcoin hitting $350k as regulators begin quantitative easing

Jan
Van
Eck,
CEO
of
the
$107
billion
asset
manager
VanEck,
has
predicted
that
Bitcoin
could
rally
to
$350,000
per
coin
as
central
banks
embark
on
quantitative
easing.

In
a
recent
interview
with
Fox
Business,
Van
Eck
expressed
his
bullish
outlook,
suggesting
that
Bitcoin’s
market
cap
could
reach
half
that
of
gold.
He
said:

“Eventually,
the
Fed
will
start
easing,
and
that’s
great
for
gold
and
Bitcoin.
Bitcoin
is
growing
up.
It
would
eventually
be
half
the
total
market
cap
of
gold.
So
that’s
$350,000.”

Currently,
Bitcoin
ranks
ninth
among
the
top
global
assets
by
market
cap
at
$1.27
trillion,
while
gold
remains
the
leader
with
a
market
cap
of
$16.8
trillion.
Despite
gold’s
dominant
position,
Van
Eck
believes
Bitcoin
could
soon
surpass
silver’s
market
cap
of
$1.6
trillion.

Van
Eck
added
that
under
a
“Super
Bowl”
scenario,
where
multiple
major
central
banks
adopt
Bitcoin
as
a
reserve
asset,
the
flagship
crypto
could
skyrocket
to
$2.9
million,
reaffirming
the
projections
made
in
his
firm’s
recent
research
report.

Van
Eck’s
projections
are
reminiscent
of
those
made
by
Michael
Saylor
at
the
Bitcoin
2024
conference,
where
he
suggested
Bitcoin
could
hit
$3
million
by
2045
if
it
captured
5%
of
global
wealth.

Long-Term
projections

VanEck’s
latest
research
report
outlines
an
ambitious
scenario
in
which
Bitcoin
could
reach
a
staggering
$2.9
million
per
coin
by
2050
under
a
“base
case
scenario.”

According
to
the
report,
authored
by
the
firm’s
head
of
digital
assets,
Matthew
Sigel,
and
senior
investment
analyst
Patrick
Bush,
this
valuation
hinges
on
Bitcoin’s
adoption
as
a
global
medium
of
exchange
and
a
reserve
asset,
potentially
revolutionizing
the
international
financial
system.

The
report
posits
that
Bitcoin
could
handle
10%
of
the
world’s
international
trade
and
5%
of
domestic
trade
by
2050.
Additionally,
central
banks
are
projected
to
hold
2.5%
of
their
assets
in
Bitcoin.

This
scenario,
based
on
global
growth
projections
and
the
velocity
of
money,
suggests
a
potential
Bitcoin
price
of
$2.9
million,
resulting
in
a
total
market
capitalization
of
$61
trillion.

Challenges

VanEck’s
report
emphasized
that
Bitcoin’s
scalability
issues,
historically
a
significant
barrier
to
its
adoption,
will
be
addressed
by
emerging
Bitcoin
Layer-2
(L2)
solutions.
These
solutions
could
enable
Bitcoin
to
support
a
global
financial
system
that
better
serves
the
needs
of
the
developing
world.

Despite
the
optimistic
outlook,
VanEck
acknowledges
several
risks
that
could
impede
Bitcoin’s
growth.
Rising
energy
demands
for
future
Bitcoin
mining,
potential
regulatory
challenges,
and
competition
from
other
cryptocurrencies
are
among
the
main
concerns.

Bitcoin
fell
to
around
$62,000
ahead
of
the
US
jobs
report
on
Aug.
2,
which
came
in
lower
than
estimates
and
revealed
that
unemployment
had
risen
4.3%.
The
flagship
crypto
has
found
support
at
this
significant
demand
level
for
now
but
struggling
to
climb
above
the
week’s
value
area
low
and
is
trending
sideways.

BTC
was
trading
at
$62,900
as
of
press
time,
having
erased
most
of
the
gains
recorded
over
the
past
24
hours,
based
on
CryptoSlate
data.

Mentioned
in
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article