The head of digital assets research at investing giant VanEck Matthew Sigel is expressing bullish sentiment on Bitcoin (BTC).
In an appearance on the Unchained podcast, Sigel says that Bitcoin could soar above the all-time high of around $69,044 this year.
“So this year looks like a solid year. We think Bitcoin will make an all-time high in Q4 like after a contentious election. A record number of global citizens are voting in elections this year, more than nearly 50%. It’s an all-time high – 200 years of history with these elections comes a lot of opportunity for change, disruption and more kind of pro-Bitcoin policies.”
Bitcoin is trading at $42,660 at time of writing.
According to Sigel, various factors were responsible for the gains Bitcoin recorded late last year.
“Our view is that this bull cycle is very much ahead of us, that the November and December rally was as much about the weaker dollar as it was about those exchange-traded funds (ETFs) flows. And there were so many macro contributors to that weak dollar narrative with the BRICS group expanding [with] five more countries joining the BRICS.
You had Nigeria reversing its previous bank bans – banks weren’t allowed to do business with crypto companies. Now they are.
You had the Saudi cleric who acknowledged that Bitcoin was permissible [under Islam] in this new declaration.
And then the Argentina momentum where Bitcoin is for all intents and purposes like legal for contract settlement.”
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