According to U.Today, VanEck CEO Jan van Eck recently appeared on Fox Business and predicted that Bitcoin's price could surge to $350,000. He explained that at this price level, Bitcoin would reach half of gold's entire market cap. In the long run, Van Eck believes Bitcoin could climb as high as $2.9 million. He emphasized that Bitcoin is being adopted similarly to gold, stating, 'I just think it's obvious.' Van Eck also advised investors to maintain diversified portfolios.
Earlier this year, Blockstream CEO Adam Back forecasted that Bitcoin could reach $700,000, capturing gold's entire market cap. Currently, gold's market cap stands at $16.8 trillion, with the yellow metal recently hitting a new all-time high of $2,500. Meanwhile, Bitcoin has faced renewed selling pressure, dropping below $63,000 and remaining 14.8% away from its all-time high achieved in March. Van Eck noted that such corrections are normal for volatile assets like cryptocurrencies.
Cryptocurrency skeptic Peter Schiff recently predicted that Bitcoin would underperform gold over the next two years. In other developments, VanEck's crypto ETF launched following the approval of Ethereum ETFs, which Van Eck described as a historic shift. The company was able to launch these products in July. Additionally, in late June, VanEck submitted a proposal to launch a spot-based Solana exchange-traded fund.
