VanEck CEO Jan Van Eck forecasts that Bitcoin could reach up to $2.9m by 2050.
During an appearance on “The Claman Countdown” on Thursday, Van Eck mentioned that Bitcoin is maturing and predicted it will eventually equal half of gold’s total market cap.
Based on gold’s current market cap, this prediction would place Bitcoin’s value at about $350,000 per coin, a substantial increase from today’s level of around $64k, he said.
He also discussed a highly optimistic scenario in which central banks globally could incorporate Bitcoin into their monetary systems, potentially pushing its value to millions per coin. He did also show hesitance to speculate about Bitcoin reaching such high values.
VanEck CEO: Bitcoin will hit $2.9M by 2050https://t.co/V3QLjWk3WG
— FOX Business (@FoxBusiness) August 1, 2024
Nevertheless, he suggested that, under certain assumptions, Bitcoin could reach as high as $2.9m by 2050.
This year, VanEck has successfully launched spot Bitcoin and Ethereum ETFs. The CEO described the Bitcoin ETFs as among the most successful launches in the history of ETFs.
Van Eck CEO Commits Over 30% of His Fortune to Bitcoin
Additionally, Jan Van Eck recently disclosed that he has invested over 30% of his personal wealth in Bitcoin (BTC).
“I always wanna tell people what I’m doing personally, because they should know,” he said at the Bitcoin 2024 conference. “I’m like, way over 30%.”
The CEO noted that deciding how much money to invest in Bitcoin is challenging because the strong bullish case for the digital currency undermines any rationale for selling it.
He referenced his company’s recent research, which suggests that Bitcoin could increase fiftyfold to $3m per coin by 2050 if it becomes a global reserve currency.
“Everyone I meet at Bitcoin conferences owns way more in their own portfolio,” Eck said. “Why should I be selling Bitcoin if I believe this super bull case?”
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