The CEO of VanEck recently sat down on CNBC’s The Exchange to share his thoughts on the direction Bitcoin (BTC) and other cryptocurrencies are heading in 2024. What he said was nothing short of great news for the crypto community.
VanEck CEO Interview
VanEck CEO Jan van Eck reaffirmed his company’s bullish stance on Bitcoin on Friday during an interview with CNBC’s Kelly Evans. He started things off by explaining how the digital asset would react to the fall in interest rates and how it’s behaving similar to gold.
“It’s the macro. Stores of value that don’t generate interest, which is why investors like Warren Buffet don’t like them at all, but they behave really in relation to interest rates,” van Eck said. “That’s the big cycle, and interest rates are headed down, directionally speaking.”
“So the macro behind Bitcoin and gold are very strong. By the way, they kind of do perform similarly,” he went on. “They both peaked in 2021, they’ve both been rallying this year, obviously, Bitcoin way more than gold for different reasons.”
When asked whether or not Bitcoin is in a bubble, the head of VanEck explained that there’s more growth to it than what many perceive.
“You can argue about it being in a bubble, but it bubbled in 2017 but then it hit all-time highs in 2021,” the VanEck chief responded. “So, nothing has ever been a bubble that then has outperformed itself.”
Van Eck didn’t provide any numbers or deadlines but is positive that the coming wave of spot Bitcoin exchange traded fund (ETF) approvals in the US could spur all-time highs in BTC and other cryptocurrency prices in the next 12 months. He also expressed his strong belief that the US Securities and Exchange Commission may be aiming to act on the filings all at once to keep the playing field level for everyone.
By the way, it’s worth mentioning that VanEck’s ticker for its refiled Bitcoin ETF is “HODL.”
VanEck’s Other Bitcoin Predictions
Supplementing the bullish outlook of its CEO is a series of tweets enumerating the global investment manager’s early December market predictions. The main forecast revolves around how the US recession and the expected approval of spot Bitcoin ETFs could serve as a perfect recipe to bring over $2.4 billion in inflows into Bitcoin ETFs by the first quarter of 2024.
VanEck does not see major price movements in the digital asset during the halving. Instead, the big gains are anticipated during the post-halving period. Further propelling its values will be the US presidential elections, which would dictate positive narratives in terms of crypto regulations.
Lastly, the analysts of the firm projected a boost in the utility of Bitcoin in remittances and how Bitcoin Staking on Lightning Network could open up new yield avenues in its ecosystem.
Bitcoin Now
As of this writing at 3:30 AM UTC on Monday, Bitcoin is trading at $41,027, showing a 2% drop 24 hours prior. Despite that, trading is 32.28% as $18.558 billion BTC moved between wallets within the period. Prices moved between $40,798 to $42,359 throughout the same daily chart.