VanEck CEO Owns ‘Way Over 30%’ In Bitcoin, Asset Manager Sees $2.9M Price By 2050
27 Juli 2024 - 6:00AM
NEWSBTC
During the 2024 Bitcoin Conference in Nashville, Tennessee, Jan van
Eck, CEO of global asset manager and Bitcoin exchange-traded fund
(ETF) issuer VanEck, made headlines with his revealing comments
about his personal Bitcoin holdings. Van Eck Reveals Personal BTC
Holdings During his appearance at the conference, Van Eck began by
sharing his perspective on Bitcoin’s growth and evolution over
time, likening it to a “teenager” that is not yet fully formed, as
many investor classes have not yet joined the market. Related
Reading: Wall Street Expert Sees 20x Potential In Ripple Via XRP
And IPO Addressing his investment approach, Van Eck revealed that
in his conversations with other attendees at Bitcoin conferences,
he has found that they tend to hold significantly more Bitcoin in
their portfolios. He further stated: Everyone I meet at Bitcoin
conferences owns way more in their own portfolio, and I always say,
wait a minute, I always want to tell people what I’m doing
personally because they should know. Interestingly, when
asked about his portfolio, Jan Van Eck replied that he owns “well
over 30%” in Bitcoin without disclosing the amount in BTC or USD.
This disclosure comes as VanEck recently published a report
outlining a significant bullish long-term price projection for BTC,
suggesting that the Bitcoin price could reach a value of $2.9
million per coin by 2050. $2.9M Bitcoin Forecast By 2050 Per the
report, Bitcoin’s scalability issues, which have historically
hindered widespread adoption, will be resolved through the
emergence of advanced Layer-2 (L2) solutions. By combining
Bitcoin’s “immutable property rights and sound money principles”
with the increased functionality of Layer 2 technology, the asset
manager envisions creating a new, globally accessible financial
system. Under this optimistic scenario, the VanEck team believes
that by 2050, Bitcoin could be used to settle 10% of the globe’s
international trade and 5% of the world’s domestic trade.
According to the report, this level of adoption could lead to
central banks holding 2.5% of their assets in Bitcoin, driving the
price of the largest cryptocurrency on the market to a substantial
$2.9 million per coin by the year 2050. Related Reading: Why Is ETH
Price Struggling Despite The Spot Ethereum ETFs Launch? In
addition, the report estimates that Bitcoin L2 solutions could be
worth a total of $7.6 trillion, or approximately 12% of Bitcoin’s
total projected value. The asset manager further noted: Though it
has established itself as an important store of value assets, our
projection of its price more than 25 years into the future is
predicated on the assumption that increasing numbers of people
around the globe use Bitcoin as a medium of exchange. At the time
of writing, BTC was trading at $67,600, up over 4% in the last 24
hours, after hitting a weekly low of $63,500 on Thursday. Featured
image from DALL-E, chart from TradingView.com
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