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Bitcoin Expected to Reach Historic Highs in the Next Year, Says VanEck Executive

10/05 19:23

Bitcoin is anticipated to reach its historical peak within the next 12 months, according to Matthew Sigel, Head of Digital Asset Research at VanEck, during an interview with CNBC. According to ChainCatcher, Sigel highlighted that Bitcoin's correlation with the Nasdaq is nearing a five-year high, driven by the resilience of U.S. stocks. However, the derivatives market lacks clear optimism, with futures and options markets reflecting more short-covering and hedging needs. From a contrarian perspective, this suggests potential for continued market momentum. Sigel also noted that a central bank has announced the inclusion of Bitcoin in its foreign exchange reserves this year, indicating Bitcoin's gradual shift towards being a global asset for large-scale cross-border transaction settlements. He views this as a significant trend. In terms of investment direction, Sigel is optimistic about Bitcoin's market share growth and the benefits for Bitcoin mining companies from the integration of AI trends. He mentioned that mining companies are becoming key beneficiaries of AI infrastructure, and as AI business grows, the pressure on miners to sell Bitcoin for fundraising is decreasing. Additionally, Sigel believes that the potential passage of the CLARITY Act could reignite interest in the altcoin market, although institutional investors remain cautious about most altcoins due to regulatory and investor protection concerns.

Bullish

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