The CEO of asset management giant VanEck says that conditions are becoming ultra favorable for crypto as 2024 comes into view.
In a new interview on the Empire podcast, Jan van Eck says that Bitcoin has most likely established itself as the main alternative to gold, and is giving bulls the opportunity for a “close to perfect trade” moving into next year.
“This whole thing could be a sham like a lot of people think it is. It could be that Web2 companies adopt some crypto technology, some Wall Street firms do permissioned blockchains and you and I will have other jobs in three years. It could be.
But – you have to discount the future because no one knows – but if Bitcoin has now been established, which I think it has been and I’ve thought so for five years, as an alternative, just like silver has for platinum, to demand for gold as a store of value, then you’ve got an almost close to perfect setup as a trade.”
Van Eck names several catalysts adding to the bullishness of Bitcoin and crypto in 2024, including a potential Federal Reserve pivot, the Bitcoin halving and a simple lack of sellers left still standing.
“You’ve got the Fed changing its policy or nearing the end of it, you’ve got the halvening, you’ve got other uncertainties… And you’ve got the liquidation that has occurred in the market. I mean, I’ve been involved in some really blown-up asset classes in my career.
Emerging market debt was one of them where the bonds issued by countries were trading at like $0.04, $0.05, $0.10 on the dollar. And so what do you see? You see everyone liquidating, you see the market makers liquidating so there’s no infrastructure, and now I guess the narrative around the FTX bankruptcy as their portfolio will be liquidated.
I just can’t imagine who else there is to sell, and if you look at the statistics of on-chain and CeFi sales of Bitcoin and other coins, it’s all supportive of that simple story.”
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Sergey Nivens