bullish

Bitcoin

Spot

<a href="https://bitcoinist.com/vaneck-ceo-declares-bitcoin-unbeatable/" rel="nofollow">Jan van Eck</a>, the Chief Executive Officer (CEO) of VanEck, an American investment management firm, has maintained an extremely bullish stance on <a href="https://www.newsbtc.com/bitcoin-news/could-bitcoin-outshine-gold-trading-guru-weighs-in/">Bitcoin (BTC)</a>, the world’s largest cryptocurrency. According to the popular CEO, Bitcoin is set to witness an exponential surge to $350,000, driven by an <a href="https://www.newsbtc.com/news/report-reveals-surge-in-institutional-bitcoin-adoption-how-far-will-it-go/">adoption rate</a> on par with gold. 
<h2 id="bitcoin-set-to-hit-ambitious-350-000-target">Bitcoin Set To Hit Ambitious $350,000 Target</h2> 
In an exclusive <a href="https://www.foxbusiness.com/video/6359762199112" rel="nofollow">interview</a> with Fox Business on August 2, Van Eck predicted that the price of Bitcoin could surge as high as $350,000. As one of the <a href="https://www.newsbtc.com/news/bitcoin-price-tumbles-amid-vaneck-etfs-volume-surge-what-happend/">issuers of Spot Bitcoin ETFs</a>, Van Eck is keenly aware of the volatility in the Bitcoin market and the cryptocurrency’s propensity for <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-falls-65k/">unexpected price fluctuations</a>. 
Despite these challenges, the CEO remains highly optimistic about the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-pump-70k/">future value of Bitcoin</a>. He highlights that other crypto bulls have an even more bullish perspective, with some forecasting that the price of one Bitcoin could soar to an astonishing price target of $2.9 million.&nbsp; 
While a $2.9 million <a href="https://www.newsbtc.com/news/bitcoin/michael-saylor-sets-audacious-49-million-bitcoin-price-target-details/">price prediction</a> might seem highly ambitious, Van Eck acknowledges that it could potentially be achieved within a few decades, specifically by 2050. The CEO has rooted his <a href="https://www.newsbtc.com/bitcoin-news/vaneck-ceo-owns-way-over-30-in-bitcoin-asset-manager-sees-2-9m-price-by-2050/">bullish expectations</a> on the rapid adoption rate of Bitcoin in the financial sector. 
As the first and largest cryptocurrency, Bitcoin has shown remarkable growth over the years. It reached an all-time high of about $69,000 in 2021 and surpassed this milestone in 2024, surging above $73,000 following the launch of Spot Bitcoin ETFs. The cryptocurrency has also had an <a href="https://www.newsbtc.com/news/bitcoin-adoption-addresses/">impressive adoption rate</a>, with the number of <a href="https://www.newsbtc.com/news/there-are-more-people-using-bitcoin-wallets-than-bank-accounts-says-el-salvador-president/">BTC wallets</a> reaching hundreds of millions globally.&nbsp; 
Van Eck has revealed that “Bitcoin is becoming adopted the way gold is.” The CEO projects that Bitcoin is poised to reach 50% of the total <a href="https://www.newsbtc.com/news/researcher-bitcoin-will-easily-surpass-market-cap-of-gold-at-8-trillion/">market capitalization of gold</a>. According to <a href="https://8marketcap.com/#google_vignette" rel="nofollow">reports</a>, gold’s current market capitalization is about $16.6 trillion, while Bitcoin’s stands at $1.04 trillion. 
Based on <a href="https://www.newsbtc.com/news/bitcoin/vaneck-predicts-bitcoin-price-52-38-million/">Van Eck’s predictions</a>, Bitcoin is set to reach a substantial market capitalization of approximately $8.3 trillion. This massive increase in market value would significantly boost the price of the cryptocurrency, allowing it to potentially reach the aforementioned $350,000 price target.&nbsp; 
<h2 id="btc-could-be-in-its-worst-performing-month-this-year">BTC Could Be In Its Worst Performing Month This Year</h2> 
Despite witnessing impressive gains earlier in July, Bitcoin has <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-pulls-back-70k/">experienced a major pullback in its price</a>. Previously, the cryptocurrency <a href="https://x.com/cryptovipsignal/status/1818156113277399205?s=46" rel="nofollow">surged</a> as high as $70,000 but experienced a strong rejection before dropping in value.&nbsp; 
According to CoinMarketCap, <a href="https://www.newsbtc.com/news/crypto-market-liquidations-top-197-million-as-bitcoin-price-plunges-below-60000/">BTC has crashed</a> by a whopping 23.95% over the past seven days. The cryptocurrency is still on a significantly downward trend, experiencing another 12.32% decrease in the last 24 hours.&nbsp; 
In light of this <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-53k/">bearish trend</a>, crypto analyst, Ali Martinez revealed in an X (formerly Twitter) <a href="https://x.com/ali_charts/status/1820157251069329547?s=46" rel="nofollow">post</a> that historically, <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-pump-70k/">Bitcoin’s price</a> tends to witness the worst performance between the months of August and September.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-633162" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_4ebdb9.jpg?w=460&amp;resize=460%2C263" alt="Bitcoin" width="460" height="263" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_4ebdb9.jpg?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_4ebdb9.jpg?w=460&amp;resize=460%2C263 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
With the recent downturn and a <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crash-below-40000/">price crash</a> to $52,859 this August, it seems history might be repeating itself. However, Martinez has <a href="https://x.com/ali_charts/status/1820352371626500187?s=46" rel="nofollow">indicated</a> that Bitcoin’s TD sequential is presenting a buy signal, suggesting a potential rebound could be in sight.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/MiSpEADG/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1518">

VanEck CEO Compares Bitcoin Adoption To Gold, Reveals Why Price Will Touch $350,000

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