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During a recent appearance on Fox Business, VanEck CEO Jan van Eck predicted that the price of Bitcoin could surge to $350,000.
How did Van Eck arrive at this target? At the aforementioned price level, Bitcoin would be able to reach half of gold's entire market cap.
In the long run, Bitcoin could surge to as high as $2.9 million, according to the executive.
He has added that there is "no doubt" that Bitcoin is currently being adopted the way gold is. "I just think it's obvious," he added.
Van Eck has added that investors are supposed to have their own diversified portfolios.
Earlier this year, Blockstream CEO Adam Back forecasted that the leading cryptocurrency could end up reaching $700,000. In this case, it would capture gold's entire market cap.
The market cap of gold currently stands at a whopping $16.8 trillion. The yellow metal recently reached a new all-time high at $2,500.
Meanwhile, Bitcoin recently came under renewed selling pressure, plunging below the $63,000 level once again. It is 14.8% away from the all-time high that was achieved in March. However, Van Eck recently stated that such crypto corrections are normal for such volatile assets.
Cryptocurrency naysayer Peter Schiff recently predicted that Bitcoin would start underperforming gold over the next two years.
VanEck's crypto ETF launches
As reported by U.Today, the VanEck boss described the approval of Ethereum ETFs as a historic shift in June. It became one of the companies that were finally able to launch these products in July.
In late June, VanEck also submitted a proposal to launch a spot-based Solana exchange-traded fund.
Godfrey Benjamin
Denys Serhiichuk
Dan Burgin