- BTC could hit $350k per coin, per VanEck CEO.
- Peter Brandt tips both BTC and gold as a store of value.
Jan Van Eck, CEO of $107 billion asset manager VanEck, sees Bitcoin hitting $350k as quantitative easing begins amongst major central banks.
In a recent interview with Fox Business, the CEO said the price target could be hit if the digital asset attains half of gold’s market cap.
‘Eventually, the Fed will start easing, and that’s great for gold and Bitcoin. Bitcoin is growing up. It would eventually be half the total market cap of gold. So that’s $350k.’
On an extreme stretch, Van Eck projected that BTC could hit $2.9M by 2050 if central banks adopt BTC and it becomes part of the monetary system.
The above projection was similar to Michael Saylor’s recent price target during the Bitcoin 2024 conference. Saylor claimed that BTC could hit $3M by 2045 in a bear-case scenario, especially if BTC hit 5% of global wealth.
Can Bitcoin catch up to Gold?
Van Eck’s $350k was linked to BTC’s ability to attract at least half of gold’s market cap. As of press time, BTC ranked number 9 based on top global assets by market cap ($1.27 trillion).
On the other hand, gold was at the top position with a $16.8 trillion market cap. That means the gold market cap was 13X more than BTC.
However, BTC could soon eclipse Silver’s market cap, which stood at $1.6 trillion and ranked 8th globally based on market size.
Given VanEck and Saylor’s reported bullish outlook for BTC, would you store value with gold or BTC?
Renowned market analyst, Peter Brandt, would rather buy both assets than be forced to side with one. Using the BTCGLD ratio,
Brandt established that the ratio could drop to 15 in a worst-case scenario or rally up to 154 in a bull market scenario.
‘The longest-term chart indicates that BTC could (not will) advance to 150+; I believe in owning both Gold and Bitcoin.’
Source: X/Peter Brandt
For perspective, the BTCGLD ratio tracks BTC’s relative performance in gold terms. The ratio has risen higher since 2023, hitting 26.
This means that BTC has outperformed gold in the past year and is worth 26x more than gold.
Based on Brandt’s chart, a drop to the range-low of the BTCGLD ratio of 15 would mean gold outperforming BTC, as it has in the past few weeks.
However, a surge to 154 couldn’t be overruled. It suggests that BTC could still outperform gold by 154X in the long term.
Meanwhile, BTC had bounced back nicely at the demand and bullish order block around $62k (cyan) ahead of the U.S. Jobs report.
Whether the U.S. July jobs report will induce BTC to reverse recent losses remains to be seen.
Source: BTC/USDT, TradingView
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