Bitcoin Price Surge: VanEck CEO Predicts Record High in 2024

3 min read
  • Drawing parallels between Bitcoin and gold, van Eck highlighted their similar performance trajectories, both peaking in 2021 and experiencing notable rallies throughout the current year.
  • Emphasizing the robust macroeconomic factors behind Bitcoin and gold, van Eck pointed out their status as stores of value, unaffected by interest rates, a characteristic that sets them apart from traditional investments.

Jan van Eck, the CEO of VanEck, a prominent global investment managing firm, recently shared his optimistic outlook on Bitcoin’s future during an interview with CNBC. Van Eck boldly predicted that the price of Bitcoin would surge to an all-time high within the next 12 months, underlining the strong macroeconomic factors driving the cryptocurrency’s growth.

In the interview, van Eck drew parallels between the performance of gold and Bitcoin, noting their similar trajectories. Both assets peaked in 2021, and throughout the current year, Bitcoin has outpaced gold significantly. Van Eck commented,

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.

Highlighting the fundamental strength behind Bitcoin and gold, van Eck emphasized their status as stores of value, noting that they don’t generate interest like traditional investments. He pointed out,

The macro behind Bitcoin and gold is very strong. 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

In addition to discussing Bitcoin’s price trajectory, van Eck addressed the ongoing developments in the cryptocurrency market, specifically the VanEck’s initial application for a Bitcoin exchange-traded fund (ETF). He touched upon the pending decisions on spot Bitcoin ETFs, expressing his belief that the Securities and Exchange Commission (SEC) would likely approve multiple applications simultaneously rather than one at a time.

I very much expect it’ll be all [approved] one day because that’s what happened with the Ethereum futures,” van Eck explained. He highlighted the SEC’s approach of putting everything on hold temporarily, ensuring a level playing field for all applicants. “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,

As the cryptocurrency market continues to evolve, Jan van Eck’s positive outlook and prediction of Bitcoin hitting all-time highs within the next 12 months contribute to the ongoing discourse surrounding the future of digital assets in the financial landscape.

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