Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

VanEck CEO says Bitcoin to match half of gold’s market cap at $300K per unit

Source Cryptopolitan

Speaking to CNBC, Van Eck said that Bitcoin would continue smashing record highs and ultimately trade at $300K, reaching half of gold’s market cap. The CEO of VanEck claimed his forecast was a “reasonable base assumption” but gave no further support for his theory.

According to CoinGecko’s data, Bitcoin broke above 77K to record another ATH before falling back to the 76K range. Van Eck also said that individual investors were currently piling up into Bitcoin ETFs. A recent report by JPMorgan analysts also supported Van Eck’s supposition, claiming that the bullish Bitcoin ETF trend would continue into 2025.

Bitcoin could become the next ‘digital gold’ as a store of value

NEW: Vaneck predicts $300,000 for #bitcoin.pic.twitter.com/rnm0DNAJ3n

— Altcoin Daily (@AltcoinDailyio) November 9, 2024

While VanEck’s CEO did not have the maximalist view of a scenario where Bitcoin replaced gold entirely, he thought of Bitcoin as a store of value, just like gold. He added that there were others who forecasted that Bitcoin could eventually supplant gold as the best store of value. The Van Eck CEO, however, hoped that the recent surge in Bitcoin’s popularity would bring bipartisan support in the U.S. government under Trump’s administration. He claimed this would further cement Bitcoin as an asset class worth investing in for continued growth. Bitcoin has been up nearly 15% (+$10K) since Trump’s win on November 5th, according to CoinGecko’s data.

The CEO of VanEck’s comments proved his broader belief in the potential of blockchain technology. He pointed out that crypto-related stocks like Coinbase and meme coins such as Dogecoin were gaining momentum, although there was a preference for established digital assets like Bitcoin with strong use cases. The VanEck boss said that Bitcoin’s significant gains this year would partly be driven by the interest of individual investors.

“Bitcoin is sort of a digital gold for me, at its a store of value asset”

~ Jan Van Eck, CEO of VanEck

While individuals like MicroStrategy CEO Michael Saylor were bullish about Bitcoin and considered it a store of value, skeptics like economist Peter Schiff scoffed at the idea of Bitcoin becoming ‘digital gold.’

BlackRock’s Bitcoin ETF surpasses its Gold ETF

According to data from DeFiLlama and Farside, BlackRock’s Bitcoin ETF IBIT, the largest by market cap, has been witnessing increased trading and inflow volumes since Trump’s reelection. Recent performance data from BlackRock also showed that IBIT was doing far better than its iShares Gold ETF.

The data showed that IBIT’s value had appreciated over the last few months, reaching a six-month high in October and continuing on a strong uptrend. DeFiLlama’s data showed that the upward trend significantly accelerated after Trump’s win. According to Farside data, Bitcoin ETFs led by IBIT recorded single-day inflow highs in the wake of his re-election.

BlackRock’s CEO, Larry Fink, also considered Bitcoin an alternative to gold because he believed it was an asset class by itself. He added that Bitcoin’s utility could be expanded if more acceptability, transparency, and related analytics were created.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

【Daily Brief】10-year Treasury yield briefly tops 5%, S&P 500 slips to 7,602 and the dollar firms at 99.3 as the Fed's decision eve begins The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Author Irene Q.

Sep 15, Tue

The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Silver breaks $64 as precious metals rebound — can gold hold the $4,280 line into the Fed decision?Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Author Suzie

21 hours ago

Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

21 hours ago

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

3 hours ago

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Popular Symbols