VanEck CEO Expects Bitcoin Price to See All-Time High in Next 12 Months

2023-12-18 07:36:39

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.Source: DALL·EJan van Eck, CEO of the global investment managing firm VanEck, expected Bitcoin price to reach all-time high in 2024 in an interview with CNBC.

During the interview, van Eck laid out his 2024 outlook for Bitcoin and cryptocurrency, making a prediction of Bitcoin to set a new historical high price in the next 12 months. In addition, van Eck also discussed the initial application of Bitcoin exchange-traded fund (ETF) filed by VanEck and the pending decisions on spot Bitcoin ETFs.

Recognizing the similarity between gold’s and Bitcoin’s performance, van Eck said, “They kind of do perform similarly. They both peaked in 2021; they’ve both been rallying this year, obviously Bitcoin way more than gold for obvious reasons.”

“The macro behind Bitcoin and gold is very strong,” said van Eck. “The stores of value don’t generate interest, which is why investors like Warren Buffett don’t like them at all. But they behave really in relation to interest rates. … And the interest rates are headed down, directionally speaking.”

van Eck Predicts Bitcoin Price to Continue Growing

When asked if Bitcoin has “made the big gains” and now “treading water,” van Eck stated that Bitcoin has never been a bubble and would continue to grow.

“You can argue about it (Bitcoin) being a bubble and what I say is no bubble,” said van Eck. “It bubbled in 2017, but then it hit all time high in 2021. So nothing has ever been a bubble that then has outperformed itself.”

“I expect all-time highs in the next 12 months,” he concluded.

Bitcoin ETF Filings and Applications in 2024

VanEck was one of the first to file for spot Bitcoin ETFs, and van Eck believed that instead of approving one application at a time, the Securities and Exchange Commission (SEC) will approve multiple applications simultaneously.

“I very much expect it’ll be all [approved] one day because that’s what happened with the Ethereum futures.” said van Eck. “SEC decided to sort of put everything on hold on crypto. Just depending on paperwork effectively, someone could have an unfair advantage. And they’ve said from a policy perspective, ‘No, let everyone start at the same time.’”

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