Jan van Eck, CEO of investment management firm VanEck has predicted a significant regulatory and market shift for Bitcoin BTC/USD, anticipating that the Securities and Exchange Commission (SEC) will soon approve multiple spot Bitcoin ETF applications, a move that could redefine the cryptocurrency landscape.
In an interview with CNBC, he forecasts Bitcoin to reach new all-time highs, surpassing its late 2021 peak of $69,000 within the next 12 months.
This bold prediction comes as VanEck recently renamed its ETF proposal ticker to 'HODL,' signaling a strong belief in the long-term value of Bitcoin.
VanEck's Early Move Into Bitcoin
Van Eck revealed that his firm was the first established ETF player to file for a Bitcoin-related ETF back in 2017.
This move was driven by VanEck's long-standing interest in store-of-value investments, mirroring its pioneering efforts with the first gold fund in the United States.
Van Eck's intrigue with Bitcoin, spurred by its potential as a complement to gold, led to this strategic decision.
Bitcoin's Growth And Future Prospects
Reflecting on Bitcoin's journey, Van Eck highlighted its significant growth from $3,000 in 2017 to a tenfold increase in recent years.
He likened Bitcoin's development to the rapid industrialization of parts of China over the past 30 years, suggesting a similar trajectory for the digital asset.
Despite political risks and criticisms, such as those from JPMorgan CEO Jamie Dimon regarding its association with nefarious activities, Van Eck remains optimistic about Bitcoin's future.
Also Read: Upbit, OKX Confirm Listing Of 2 New Tokens: What It Means For Gaming And Finance
Bitcoin And Gold: Parallel Stores Of Value
Van Eck observed that Bitcoin and gold have shown similar behaviors as stores of value, particularly about interest rates.
He noted that both assets peaked in 2021 and have been rallying this year, with Bitcoin outperforming gold.
This correlation, according to Van Eck, is rooted in the macroeconomic environment, especially with the direction of interest rates.
Predictions For Bitcoin's All-Time High
In a bold prediction, Van Eck expects Bitcoin to reach new all-time highs within the next 12 months, surpassing its previous peak of $69,000 registered in late 2021.
This forecast is partly based on the upcoming Bitcoin halving event in April, which historically has been beneficial for the cryptocurrency's value.
SEC's Approach To Spot BTC ETFs
Addressing the much-anticipated SEC approval of spot Bitcoin ETFs, Van Eck anticipates that the SEC will approve all applications simultaneously to avoid giving any single entity an unfair advantage.
This expectation is based on the precedent set by the approval process for Ethereum futures.
VanEck has recently changed the ticker for its ETF proposal to 'HODL', a popular term in the cryptocurrency community, signifying a long-term holding strategy.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
