Jan van Eck, the CEO of global investment management firm VanEck, expressed his expectation for Bitcoin to reach an all-time high in 2024 during an interview with CNBC.
In the interview, van Eck provided his outlook for Bitcoin and cryptocurrencies in 2024, predicting that Bitcoin would achieve a new historical high price within the next 12 months. Additionally, he discussed VanEck’s initial application for a Bitcoin exchange-traded fund (ETF) and the pending decisions on spot Bitcoin ETFs.
Highlighting the parallel performance of gold and Bitcoin, van Eck remarked, “They kind of do perform similarly. They both peaked in 2021; they’ve both been rallying this year, obviously Bitcoin way more than gold for obvious reasons.”
Speaking about the underlying factors for both Bitcoin and gold, van Eck emphasized, “The macro behind Bitcoin and gold is very strong. The stores of value don’t generate interest, which is why investors like Warren Buffett don’t like them at all. But they behave really in relation to interest rates. … And the interest rates are headed down, directionally speaking.”
van Eck Predicts Bitcoin Price to Continue Growing
In response to a question about whether Bitcoin has experienced significant gains and is now stagnating, van Eck asserted that Bitcoin has never been a bubble and will continue to grow.
“You can argue about it (Bitcoin) being a bubble, and what I say is no bubble,” van Eck stated. “It bubbled in 2017, but then it hit an all-time high in 2021. So nothing has ever been a bubble that then has outperformed itself.”
He concluded by expressing his expectation for Bitcoin to reach all-time highs within the next 12 months, indicating his confidence in the continued growth and performance of the cryptocurrency.
Bitcoin ETF Filings and Applications in 2024
VanEck, being one of the pioneers in filing for spot Bitcoin ETFs, anticipates that the Securities and Exchange Commission (SEC) will opt for a simultaneous approval of multiple applications instead of a one-by-one approach.
“I very much expect it’ll be all [approved] one day because that’s what happened with the Ethereum futures,” van Eck stated. “SEC decided to sort of put everything on hold on crypto. Just depending on paperwork effectively, someone could have an unfair advantage. And they’ve said from a policy perspective, ‘No, let everyone start at the same time.’”
This approach aims to ensure fairness and equal opportunity among applicants by avoiding potential advantages based on timing and paperwork considerations.
