The chief executive of exchange-traded fund (ETF) issuer VanEck is revealing his price target for Bitcoin (BTC) while updating his outlook on Ethereum (ETH).
In a new interview with CNBC Television, Jan Van Eck says he sees Bitcoin’s market cap catching up to that of gold, pushing BTC’s price well above a quarter of a million dollars.
“I think Bitcoin will hit all-time highs today, and I think it will go further. My basic premise is that ultimately Bitcoin’s value will be half of that of all the gold outstanding, so you’re talking about something like $300,000 for Bitcoin.”
According to the CEO, his prediction of BTC’s value being half of all outstanding gold is a “balanced” approach compared to Bitcoin maximalists who may claim it will overtake the yellow metal.
Bitcoin is trading for $81,236 at time of writing, an over 5% increase during the last 24 hours.
Moving on to the top altcoin, Van Eck says that ETH will come out on top this cycle amid increased global adoption of dollar-pegged crypto assets.
“I do think, however, that overall big picture, stablecoins are the new global payment system.
And one of the big winners is going to be Ethereum and Coinbase as well. Ethereum’s market share kind of bottomed in September… So, it’s a bit of a contrarian play, Ethereum has outperformed over the last several weeks and I think it’s a good entry point for Ethereum if you understand the pros and cons of it.”
Ethereum is trading for $3,202 at time of writing, a 2.17% increase during the last day.
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