- Bitcoin briefly topped $77,000 for the first time ever around the same time VanEck CEO Jan Van Eck was forecasting that the cryptocurrency would reach a new all-time high.
- According to Van Eck, he believes that bitcoin will reach $300,000.
It’s difficult to determine whether there is a correlation, but just as VanEck CEO Jan Van Eck appeared on CNBC predicting that bitcoin would reach a new all-time high on Friday, it did, briefly breaking $77,000 for the first time.
Bitcoin will reach its highest point ever today, and I believe it will continue to rise. My main idea is that the value of bitcoin will eventually be half of the total amount of gold in circulation, meaning that it will be worth around $300,000.
Although Van Eck did not provide particular justifications, he stated that he believed his “half of…all the gold outstanding” notion to be a “reasonable base assumption.” Van Eck’s company provides investors with a spot bitcoin ETF, so he stands to gain from boosting bitcoin’s chances. “Individual investors have really piled into the bitcoin ETFs,” Van Eck added during the conversation.
Bitcoin surged on Friday afternoon, briefly surpassing $77,200 before tumbling to $76,761.63 at 4:05 p.m. ET.
Since Donald Trump, who has been seen as a supporter of digital assets in recent months, was elected president of the United States earlier this week, the cryptocurrency market has generally been rising. According to analysts at Wall Street giant JPMorgan, bitcoin will do well under a Trump government because of the possible depreciation of the US currency, which encourages investors to purchase assets like gold and bitcoin, which are regarded as repositories of value.
Since the presidential election on Tuesday, Bitcoin has increased by around $10,000, or almost 15%. Since Trump’s win, BlackRock’s spot bitcoin ETF—the biggest by market capitalization—has seen significant trading and inflow activity.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
