The head of the management company VanEck made a bold forecast about the growth of the first cryptocurrency against the backdrop of a bearish trend in the market, when bitcoin is trying to maintain the $30,000 mark.
Jan van Eck did suggested that the BTC rate could rise to $250,000 within a few years. The businessman added that, to a certain extent, bitcoin has already received recognition from regulators and institutional investors, and has also become legal tender in two countries: El Salvador and the Central African Republic.
Van Eck called bitcoin a “maturing asset” while gold has not shown significant growth for the past two years. Van Eck called the growing demand for bitcoin from investors one of the reasons for the sluggish price dynamics of the precious metal. However, according to the head of VanEck, investments in bitcoin should be a maximum of 3% of the portfolio. He revealed that he has owned Ethereum since 2019 to diversify his investments. Van Eck also commented on the expected launch of a Bitcoin ETF in the US:
“The SEC will not approve bitcoin-pegged ETFs until it can control the activities of cryptocurrency exchanges in accordance with the law. It is unlikely that a bill to regulate cryptoassets will be passed in a US Senate election year. But it’s already good that there are bipartisan discussions on what this legislation should look like.”
VanEck is one of the companies that have applied to launch a direct Bitcoin ETF and are awaiting a decision from the US Securities and Exchange Commission (SEC). Last year, VanEck informed the regulator of its intention to launch an ETF ETF. The agency has repeatedly rejected the company’s applications, but last fall, VanEck received SEC approval to launch a Bitcoin futures ETF.