Bitcoin Expected to Reach New Heights, According to VanEck Analyst – Here is When
The digital assets research chief at VanEck, Matthew Sigel, is optimistic about the potential for a bullish run in Bitcoin (BTC).
In a recent Unchained podcast appearance, Sigel shared his view that Bitcoin could surpass its previous peak of around $69,044 this year.
Looking ahead, Sigel painted a positive picture for the remainder of the year, anticipating a new all-time high for Bitcoin in the fourth quarter.
He pointed to the unique circumstances of this year, marked by a historically high global voter turnout in elections, exceeding 50%. This heightened political engagement, spanning 200 years of electoral history, presents opportunities for significant changes, disruptions, and the implementation of more pro-Bitcoin policies.
Sigel attributed the late-year surge in Bitcoin to a combination of factors. Rather than solely attributing it to the influx of ETFs, Sigel emphasized that the rally was equally influenced by the weakened state of the US dollar.
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Several macroeconomic contributors played a role in shaping the narrative of a weakened dollar, including the expansion of the BRICS group with the inclusion of five additional countries.
Additionally, he highlighted Nigeria’s reversal of its ban on banks engaging with crypto companies and the acknowledgment by a Saudi cleric that Bitcoin is permissible under Islam.
Furthermore, Sigel pointed to the significant momentum in Argentina, where Bitcoin has essentially gained legal recognition for contract settlement purposes.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
