Van Eck CEO Foresees New Bitcoin Record Highs in the Next 12 Months
In Brief
VanEck’s CEO Jan van Eck predicts Bitcoin’s substantial growth in 2024, aligning its trajectory with anticipated shifts in monetary policy.
Investment management firm VanEck‘s chief executive officer Jan van Eck discussed Bitcoin‘s valuation and its correlation with interest rate cycles during a recent CNBC Television interview. He projected significant growth for the digital asset, aligning its trajectory with anticipated shifts in monetary policy.
According to Jan van Eck, the prediction of declining interest rates suggests a potentially bullish phase for Bitcoin, with parallels drawn to the robust market behavior shared with gold.
Despite Bitcoin’s impressive 170% increase this year, Jan van Eck believes its potential is not fully realized, foreseeing new record highs in the next 12 months, partly driven by the expected Bitcoin halving in April 2024.
The impending halving, set to halve miners’ Bitcoin rewards, is considered a significant technical catalyst for Bitcoin’s value. VanEck compares Bitcoin’s growth to a maturing child, indicating that past ‘bubble’ phases are evolutionary stages in its market journey.
Additionally, VanEck’s CEO Jan van Eck anticipates approval for all spot Bitcoin ETF applications on the same day.
VanEck Anticipates SEC Approval Soon for Bitcoin ETF Spot
Jan van Eck and other investors view the current Bitcoin price point as a stepping stone to unprecedented heights, taking into account upcoming macroeconomic changes and intrinsic factors within the Bitcoin ecosystem.
Earlier this month, VanEck submitted the fifth amended application for a spot Bitcoin. The revised filing to the S-1 Form with the United States Securities and Exchange Commission (SEC) highlights updates to the VanEck Bitcoin Trust.
Several companies, including BlackRock, Fidelity, VanEck, Valkyrie, and Franklin Templeton are competing for approval of a spot Bitcoin ETF. Although the SEC has not expressed explicit support for the filings, recent discussions with representatives from the applicant firms have focused on addressing technical details in their fund proposals.
VanEck foresees SEC approval for a Bitcoin ETF spot in January and projects $2.4 billion in inflows in Q1.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
