VanEck CEO tips Bitcoin hit half of gold’s market cap

VanEck CEO Jan Van Eck has predicted that Bitcoin could hit $300,000 per unit. According to his interview with CNBC, Van Eck believes the asset could hit half of gold’s market capitalization when it eventually happens. The CEO said his prediction was a reasonable base assumption but failed to tie it to any real-life theory.

Data from CoinGecko showed that Bitcoin briefly traded at $77,000, smashing a new all-time high, before trading down at $76,000. Van Eck also talked about investors entering into the Bitcoin ETF market to grab a slice of the pie. His theory is supported by JP Morgan analysts as they claim that the ETF craze is sustained and it could be the same way by next year.

Bitcoin could clinch its ‘digital gold’ status

Van Eck did not paint a picture of how Bitcoin could go on to replace gold in the long run, but he said the asset is closing in on the precious metal as a store of value. He added that while he doesn’t see it yet, others believe that Bitcoin could replace gold as a store of value very soon.

However, Van Eck hopes that the emergence of Donald Trump as the new president could push bi-partisan support for the asset. He clarified that the move will help Bitcoin become an asset worth investing in, thereby helping its predicted rise. CoinGecko data shows that Bitcoin has surged by 15%, gaining $10,000 in the process, since Trump was announced as president on November 5.

Van Eck’s comments showed that he also believes in the rapidly growing blockchain technology. He noted that crypto-based stocks like Coinbase and meme coins have grown. However, he feels the market still prefers established digital assets like Bitcoin.

The VanEck CEO said that Bitcoin’s rise this year has been particularly driven by investor’s commitment. He sees Bitcoin as a store of value, an asset that acts like digital gold. While others like Microstrategy boss Michael Saylor have always likened Bitcoin to digital gold, others like Peter Schiff have always been against the theory, branding it ‘impossible.’

BlackRock Bitcoin ETF leapfrogs its Gold ETF

Over the last few days, BlackRock’s IBIT Bitcoin ETF has registered increased trading and inflow volumes. According to Farside and DefiLlama, the increase in both volumes can be credited to the result of the United States presidential election.

Per recent performance data, IBIT was also performing better than the company’s iShares Gold ETF. The data showed an increase in IBIT’s growth over the last few months. The ETF reached a six-month high in October and has maintained a strong momentum.

DefiLlama data showed it experienced a little upward spike after Trump’s victory. Farside data also showed that Bitcoin ETFs led by IBIT saw a surge in single-day inflows a day after the re-election. BlackRock CEO Larry Fink also sees Bitcoin as an alternative to Gold. Fink’s reason is that he sees Bitcoin as an asset class. He says if transparency, acceptability, and other analytics are worked on, the asset’s utility could be extended.

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