The Head of Digital Assets Research at VanEck Predicts Bitcoin Could Reach New All-Time High
Matthew Sigel, the head of digital assets research at investment firm VanEck, is optimistic about the future of Bitcoin. In an interview on the Unchained podcast, Sigel suggests that Bitcoin could surpass its previous all-time high of around $69,044 this year.
Sigel believes that 2024 will be a strong year for Bitcoin, predicting that it will reach a new all-time high in the fourth quarter. He attributes this potential rise to a combination of factors, including a contentious election and a record number of global citizens participating in elections. Sigel also highlights the potential for pro-Bitcoin policies resulting from these elections.
Currently, Bitcoin is trading at $42,660.
The Factors Behind Bitcoin’s Late-2023 Gains
Sigel explains that several factors contributed to the gains Bitcoin experienced in late 2023. He believes that the rally was not solely driven by exchange-traded fund (ETF) flows but also by the weakening US dollar. Additionally, he points out various macro factors, such as Nigeria reversing its ban on banks doing business with crypto companies and a Saudi cleric declaring that Bitcoin is permissible under Islam. Furthermore, Argentina’s increasing acceptance of Bitcoin for contract settlement has also played a role in its momentum.
Hot Take: VanEck Bullish on Bitcoin’s Future
Matthew Sigel from VanEck expresses optimism about Bitcoin’s future performance. He predicts that Bitcoin will reach a new all-time high in Q4 due to various factors such as global elections and potential pro-Bitcoin policies. Sigel highlights the weakening US dollar and macro factors like Nigeria’s policy reversal and increased acceptance in Argentina as contributors to Bitcoin’s late-2023 gains. With Bitcoin currently trading at $42,660, Sigel’s bullish sentiment suggests potential growth for the cryptocurrency in the coming months.
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