- The CEO of VanEck publicly stated he believes that Bitcoin’s market cap will be worth approximately US $7T in the next 5-10 years.
- Speaking at Paris Blockchain Week, van Eck noted that several factors suggested BTC may eventually usurp gold as an alternative inflation hedge.
- Van Eck’s prediction would see BTC skyrocket to over US $300k.
Bitcoin has long been likened to a form of digital gold, and financial institution VanEck believes the cryptocurrency is set to resemble the precious metal even more. Although BTC originated as an alternative medium of exchange, away from the prying hands of banks and governments, it has evolved into a store of value. As higher-level investors such as hedge funds continue flocking to the scene, Bitcoin’s status as a blue-chip asset is likely to improve in the coming years. So much so that VanEck predicts BTC will see a market cap of US $7T (AU $10.5T) within a decade.
Related: StarkWare to Scale Bitcoin with Zero-Knowledge Tech, Expanding STARK Scaling from Ethereum
Bitcoin to Six Figures? VanEck Thinks Yes
VanEck has been a relevant player in the cryptoverse for a while now. The company’s flagship spot Bitcoin fund, “HODL”, boasts half a billion US dollars in assets under management. And in an interview at Paris Blockchain Week with Scott Melker, the CEO of VanEck doubled down on their pro-crypto position.
Jan van Eck pointed out that Google searches for Bitcoin vastly outweighed those for gold. In particular, he noted that gold’s “peak” price only correlated with a mild uptick in search engine popularity. On the other hand, Bitcoin’s surges are often met with overwhelming increases in retail interest (although the response to the most recent ATH has been comparatively muted).
Simply put, van Eck predicts that Bitcoin will continue eating into the market for gold as more and more investors from TradFi start to recognise the coin’s potential.
“Bitcoin will eventually become at least half the market cap of gold. So I think that takes another 5 to 10 years. Our TradFi clients are still very confused by Bitcoin, and they don’t want to talk about it, but their clients make them talk about it”.
If van Eck’s suggestion becomes true, this will bring Bitcoin to a market cap of approximately US $7T (AU $10.5T). To make things easier, if we assume that Bitcoin’s max supply is in circulation at this point, it would value BTC at ~US $333,333 (AU $500K).
Not a bad target for 2030!
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