Financial giant VanEck is buying Bitcoin (BTC), according to Matthew Sigel, the firm’s head of digital assets research.
In a new interview with CNBC, Sigel notes there have been four sellers in the BTC market driving the price of the top crypto asset down.
“The German government has sold all of its Bitcoin, $2 billion worth. The US government is selling Silk Road-related coins. There are two major bankruptcies where creditors have just been paid out – that’s Mt. Gox and Genesis.
So with all this selling behind us… this is a typical seasonal pattern where Bitcoin tends to struggle in the one-three months after the halving, which was in April. And right pre-election, as the market comes to grips with whatever candidate wins, we’re in for four more years of reckless fiscal policy – the history is that Bitcoin really hits its stride at that point. So we’re buyers here. We think it recovers.”
VanEck is one of a handful of traditional finance firms that launched spot exchange-traded funds (ETFs) tied to Bitcoin and Ethereum (ETH) this year. The investment management company also filed an application for a Solana (SOL) ETF with the U.S. Securities and Exchange Commission (SEC).
BTC is trading at $59,076 at time of writing.
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