Newsletter2024 Outlook: VanEck Makes Bullish Bitcoin Forecast as Investment Fund Grows
Asset manager VanEck has a bullish outlook for Bitcoin and the broader crypto market in 2024. The investment firm described Bitcoin as the “screaming buy” for the upcoming year as its fund recorded growth.
The comments come as the firm’s VanEck Digital Transformation ETF (DAPP) surpassed $100 million in assets under management (AUM), with VanEck’s global crypto-linked assets nearing $1 billion.
2024: A Promising Year
Matthew Sigel, Head of Digital Assets Research at VanEck, noted DAPP’s impressive 2023 performance with over 300% gains. Sigel said that it was driven by key players like Coinbase and Bitcoin miners. Sigel anticipates 2024 to be another robust year, especially if Bitcoin reaches new highs, aided by the Bitcoin halving event, a more relaxed stance from the U.S. Federal Reserve, and continued adoption of crypto in emerging markets.
The fund manager highlights that Coinbase, a significant component of DAPP, has shown sustainable market share growth.
Notably, the exchange recently announced a 10x leverage cap on perpetual futures for major cryptocurrencies, aiming to enhance market stability. The Nasdaq-listed exchange is also actively involved in Washington. Recently, it refuted allegations by Senator Elizabeth Warren regarding employing a “revolving door” tactic with former legislators to bypass regulatory measures.
Bitcoin remains the market star
Jan van Eck, CEO of VanEck, highlighted crypto as the investment market’s most exciting segment. VanEck, one of the first few to apply for a Bitcoin-related ETF, predicts a breakout year for Bitcoin and crypto in 2024. The executive also underlined that the introduction of a spot ETF in the U.S. is among the top catalysts for this surge.
In the past, VanEck made a prediction about 2024 that included the onset of the U.S. recession alongside the launch of the first spot Bitcoin ETF, potentially attracting over $2.4 billion in investments in Q1 2024.
The firm also foresees minimal disruption from April’s halving event. Meanwhile, VanEck predicts an all-time high for Bitcoin in Q4 2024, possibly driven by political events and regulatory changes post the U.S. presidential election.
Also Read: VanEck CEO Predicts Record Bitcoin Highs in Next Year
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