VanEck CEO Owns Way Over 30% In Bitcoin, Asset Manager Sees $2.9M Price By 2050
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 Bitcoins 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.
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 Im 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, Bitcoins scalability issues, which have historically hindered widespread adoption, will be resolved through the emergence of advanced Layer-2 (L2) solutions.
By combining Bitcoins 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 globes international trade and 5% of the worlds 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.
In addition, the report estimates that Bitcoin L2 solutions could be worth a total of $7.6 trillion, or approximately 12% of Bitcoins 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
Text source: NewsBTC
