VanEck Bullish on Bitcoin and Crypto Market in 2024
VanEck, an asset manager, has a positive outlook for Bitcoin and the broader cryptocurrency market in 2024. The firm believes that Bitcoin is a great investment opportunity for the upcoming year, especially considering the growth of its fund. VanEck’s VanEck Digital Transformation ETF (DAPP) has surpassed $100 million in assets under management (AUM), while its global crypto-linked assets are nearing $1 billion.
2024: A Promising Year
According to Matthew Sigel, Head of Digital Assets Research at VanEck, DAPP had an impressive performance in 2023 with over 300% gains. Sigel attributes this growth to key players like Coinbase and Bitcoin miners. He expects 2024 to be another strong year, especially if Bitcoin reaches new highs. Factors that could contribute to this include the Bitcoin halving event, a more relaxed stance from the U.S. Federal Reserve, and increased adoption of crypto in emerging markets.
Coinbase’s Sustainable Market Share Growth
The fund manager highlights Coinbase as a significant component of DAPP and notes its sustainable market share growth. Recently, Coinbase announced a leverage cap on perpetual futures for major cryptocurrencies to enhance market stability. The exchange is also actively involved in Washington and has refuted allegations regarding regulatory measures.
Bitcoin Remains the Market Star
Jan van Eck, CEO of VanEck, considers crypto as the most exciting segment of the investment market. He predicts a breakout year for Bitcoin and crypto in 2024, with the introduction of a spot ETF in the U.S. being one of the catalysts for this surge. VanEck previously predicted that the first spot Bitcoin ETF could attract over $2.4 billion in investments in Q1 2024.
Predictions for Bitcoin in 2024
VanEck foresees minimal disruption from the halving event in April. The firm predicts an all-time high for Bitcoin in Q4 2024, potentially driven by political events and regulatory changes following the U.S. presidential election.
Hot Take: VanEck Bullish on Bitcoin’s Future
Asset manager VanEck has expressed its bullish outlook for Bitcoin and the broader crypto market in 2024. With strong performance and growth in its fund, VanEck sees Bitcoin as a great investment opportunity for the upcoming year. The firm expects factors like the Bitcoin halving event, a more relaxed stance from the U.S. Federal Reserve, and increased adoption of crypto in emerging markets to contribute to a robust year for Bitcoin and crypto. VanEck also predicts that the introduction of a spot ETF in the U.S. will be a major catalyst for this surge.
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