The chief executive of the financial giant VanEck believes that Bitcoin’s (BTC) market cap will eventually soar to at least half of gold’s market cap.
In a new interview with Scott Melker, VanEck CEO Jan van Eck says that it could take up to a decade for traditional finance (TradFi) to help drive Bitcoin’s market cap to $7.85 trillion.
The current gold market cap is at approximately $15.7 trillion. Meanwhile, Bitcoin’s market cap is about $1.36 trillion.
“I say [Bitcoin will] eventually become at least half the market cap of gold. So I think that takes another five or 10 years. Our TradFi clients are still very confused by Bitcoin, and they don’t want to talk about it, but their clients make them talk about it. So we have a long ways to go. And also buying activities is not helpful. They want to buy it at the tops and then it’s going to go to zero at the bottom. And so they’re bad at allocating…
In the United States, there are a lot of firms, obviously in Europe as well, that allocate people’s portfolios for them. And so my hope is those allocators will be open-minded enough to consider gold or Bitcoin at the right time in the cycle and disciplined to take advantage of those trends for their clients, because I kind of give up that the end clients will get it.”
He also believes there is an increasing appetite by investors outside of the United States to own Bitcoin because it is not under the purview of the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
“Investors outside the United States increasingly don’t want to be tied into SWIFT, in the US financial system and the political control that comes with it.”
Bitcoin is trading for $69,020 at time of writing, up nearly 2% in the last 24 hours.
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