Jan Van Eck, the CEO of global investments, VanEck, share his general outlook towards the market in a recent interview with Forbes, at the Consensus Cryptocurrency Conference in Austin, Texas. Speaking about his hopes for the future of Bitcoin, he further stated that he believes BTC could reach $250,000. However, he added a warning that this could take a few years.
“Buyers see it (Bitcoin) as a complement to gold. That’s the fast model… and it’s very arduous, practically impossible, to vary that. Bitcoin will go to half the market capitalization of gold, or $250,000 per Bitcoin, however, that could take many years. It’s hard to put a time frame on it.”
Speaking about why he has this opinion, Van Eck stated that there has been a growth in the institutional adoption of the currency. In addition, with increased institutional adoption in the coming years, the value of Bitcoin should normally grow over time.
When advising investors on how much Bitcoin should make up their investment portfolios, Van Eck stated that this should be “between ½% and 3%” of their investment portfolios.
In addition, he mentioned the problems his company faced in obtaining approval from the Securities and Exchange Commission (SEC). For a spot Bitcoin ETF that was applied for more than five years ago.
New 2-year low on Ethereum
Over the past week, Ethereum recorded its third highest drop in 2022 after the May drop and the January drop. Simply put, it has been falling for the second month in a row.
This depreciation of 21.52% has ended the hopes of investors who expected a valuation of $3,000 at the end of the month. This, after “conquering” the $2k levels. Unfortunately, for many, that will not be the case.
Going forward, Ethereum could be looking for a long-term rally or another major drop. Anyway, getting to $3K should be out of investors’ minds and hearts for a couple of weeks.
Recovering from this collapse will be difficult, as Ethereum’s market value has turned negative for the first time in two years.
Bitcoin price drops to $23K
Bitcoin falls to $23,000 as fears of new systemic risks mount, with financial markets still under threat from the Federal Reserve’s campaign to stamp out inflation.
At the time of publication, Bitcoin was down 18.22% to approximately $22,900 according to our internal tool Crypto Online.
Analysts also cited growing concern that the Federal Reserve will have to step up its campaign to tighten monetary conditions after a report on Friday showed that the US inflation rate has risen sharply. UU. it unexpectedly accelerated to a new four-decade high.
Cryptocurrencies, like stocks, have come under severe downward pressure this year from the central bank’s pressure to withdraw excess liquidity from financial markets.
MicroStrategy now drops $1 billion on its Bitcoin bet
Michael Saylor has an unrealized loss of more than a billion dollars on his Bitcoin (BTC) holdings, as the price of the largest cryptocurrency reaches $22,900 in Monday’s trading.
The CEO of the technology company started buying bitcoins in August 2020 at a price of just under USD 12,000. Subsequent purchases over the following months brought the company’s holdings to 129,918 bitcoins, now valued at less than $3 billion against an investment of almost $4 billion.
The founder and CEO of the business intelligence software company MicroStrategy (MSTR), Michael Saylor, came to Twitter Tuesday morning in an attempt to clarify the company’s obligations regarding its bitcoin-backed loans.
MicroStrategy’s shares fell 24.32% on Monday as it leads the cryptocurrency-related stock sell-off.