VanEck CEO Remains Bullish on Bitcoin Despite Recent Correction
Jan van Eck, CEO of financial giant VanEck, remains bullish on Bitcoin (BTC) despite its recent correction into the $50,000 range. He believes the correction is normal during a bull market and points to historical precedence in prior bull market cycles.
Van Eck attributes the decline this month to the German government selling Bitcoin it confiscated earlier this year and the defunct crypto exchange Mt. Gox settling with creditors. However, he also highlights the strong performance of spot Bitcoin exchange-traded funds (ETFs) and the likelihood of the Fed cutting rates before year’s end as reasons for optimism.
“It’s like fuel for Bitcoin and gold investors, the Fed easing,” said van Eck. “So it’s super bullish. Bitcoin got some selling from the German government, there was the Mt. Gox selling – short-term stuff. But we’ve seen only a 20% correction in the Bitcoin price, and that’s kind of normal in a bull market. At VanEck, we like to say we’re hodling, which is holding on for dear life. So we’re long-term investors, and all the [spot BTC] ETFs pretty much have seen inflows, including last month, when the price was down 10%. So it’s a drip from retail investors.”
Bitcoin is currently trading for $58,079.
