VanEck CEO: Bitcoin Will Reach at Least Half of Gold's Market Cap
VanEck's CEO believes that Bitcoin's (BTC) market cap will eventually reach at least half of gold's market cap.
In a new interview with Scott Melker, VanEck CEO Jan van Eck stated that it could take about a decade for traditional finance (TradFi) to help Bitcoin's market cap rise to $7.85 trillion. Currently, the gold market is valued at approximately $15.7 trillion, while Bitcoin's market cap is about $1.36 trillion.
"I am saying that Bitcoin will eventually be at least half of gold's market cap. So I think this will take another 5-10 years. TradFi clients are still very confused about Bitcoin and do not want to talk about it, but their clients are making them talk about it. So we have a long way to go. Also, buying activities are not helpful. They want to buy at the top and then drop to zero from the bottom. And that's why they are bad at allocation...
In the United States, and of course in Europe, there are many firms that allocate portfolios for individuals. So my hope is that these allocators are open-minded enough to evaluate gold or Bitcoin at the right time in the cycle and be disciplined in capitalizing on these trends for their clients because I've kind of given up on end clients buying into this."
He also believes that investors outside the U.S. have an increasing appetite for holding Bitcoin because it is not under the jurisdiction of the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
"Investors outside the United States are increasingly reluctant to tie themselves to SWIFT, the U.S. financial system, and the political control that comes with it."
