VanEck CEO: Bitcoin is expected to reach a historic high in the next 12 months

According to Cointelegraph, Jan Van Eck, CEO of investment management company VanEck, stated that he doesn't believe Bitcoin will be replaced as it will become the main store of value on the internet. In an interview, he said: "I can't imagine any other online store of value surpassing Bitcoin. Bitcoin has 50 million users and therefore has a network effect."

Van Eck also refuted claims that Bitcoin is in a "bubble". He explained that no asset in a bubble could consistently outperform itself in every market cycle; clearly, Bitcoin is a growing asset. Meanwhile, Van Eck predicts that Bitcoin will reach new historical highs within the next 12 months and expects all spot bitcoin ETF applications to be approved on the same day.