VanECK’s CEO, Jan van Eck, had so much to say about Bitcoin in a recent interview. One of the highlights was his prediction as to when the flagship cryptocurrency will once again hit its all-time high (ATH) of $69,000.
When Bitcoin Will Hit $69,000 Again
In an interview with CNBC, Jan Van Eck stated that he expects Bitcoin to hit a new ATH in the next 12 months. That means that the crypto token could reclaim its current ATH of $69,000 and possibly surpass it based on Van Eck’s prediction. Interestingly, his firm predicts that Bitcoin could witness a new ATH by November 9, 2024.
Throughout the interview, Jan Van Eck sounded so bullish on BTC. He highlighted how he had always been a firm believer in the crypto token. He also noted that his firm was the first ETF player to have filed to offer a Spot Bitcoin ETF back in 2017. The application was, however, rejected at the time.
Asset manager VanEck’s relatively early interest in Bitcoin seemed to have been driven by their CEO as he narrated how his interest in Bitcoin grew. Van Eck mentioned how he began to listen to podcasts and went as far as reading Bitcoin’s whitepaper. Back when the crypto token was trading at $3,000, he said he had predicted that it would still do a 10x from there.
VanEck’s CEO further stated that Bitcoin is “the obvious asset that is growing in front of our eyes.” He likened Bitcoin’s growth to China’s and how the country was underdeveloped years ago but now has one of the largest economies. Therefore, he suggested that BTC is still going to attain unprecedented heights.
BTC price falls below $41,000 | Source: BTCUSD on Tradingview.com
Nothing Like BTC
At some point in the interview, Van Eck was quizzed about whether or not there could be something else that surpasses Bitcoin, just like it did with Gold. He responded in the negative as he stated that it is almost impossible for him to imagine some other “Internet store of value” leapfrogging Bitcoin.
Van Eck went on to note that the macro behind Bitcoin is very strong. He also alluded to the macrocycle, especially with interest rates expected to keep falling, and how this is bullish for the crypto token. He believes that this, alongside with the upcoming Bitcoin Halving event are the factors that will make BTC outperform in the coming year.
Asset manager VanEck is one of the numerous asset managers who have applied to the SEC to offer a Spot Bitcoin ETF. With approval possibly on the horizon, the firm’s CEO believes that the Commission is likely to approve the pending funds simultaneously. His belief stems from the fact that the SEC did the same thing with the Ethereum futures ETF.
Featured image from Capital.com, chart from Tradingview.com
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