VanEck CEO Compares Bitcoin Adoption To Gold, Reveals Why Price Will Touch $350,000

Quick Summary:

This massive increase in market value would significantly boost the price of the cryptocurrency, allowing it to potentially reach the aforementioned $350,000 price target.  BTC Could Be In Its Worst Performing Month This Year Despite witnessing impressive gains earlier in July, Bitcoin has experienced a major pullback in its price.

The cryptocurrency is still on a significantly downward trend, experiencing another 12.32% decrease in the last 24 hours.  In light of this bearish trend, crypto analyst, Ali Martinez revealed in an X (formerly Twitter) post that historically, Bitcoin’s price tends to witness the worst performance between the months of August and September.  With the recent downturn and a price crash to $52,859 this August, it seems history might be repeating itself.

The cryptocurrency has also had an impressive adoption rate, with the number of BTC wallets reaching hundreds of millions globally.  Van Eck has revealed that "Bitcoin is becoming adopted the way gold is.” The CEO projects that Bitcoin is poised to reach 50% of the total market capitalization of gold.

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Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: Btc Bitcoin Btcusd BTC news Bitcoin news Btc price Bitcoin price Bitcoin BTCUSDT

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-06 @ 04:00:13 (16 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 498 words

Reading Time: 3 minutes read

Sentences: 67 lines

Sentence Length: 8 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 21950737

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