Investment Giant VanEck Expects US Election Catalyzes Fresh All-Time Highs for Bitcoin (BTC) – Here’s Why
The post Investment Giant VanEck Expects US Election Catalyzes Fresh All-Time Highs for Bitcoin (BTC) – Here’s Why appeared on BitcoinEthereumNews.com.
Asset management titan VanEck believes the upcoming US election will spark new highs for Bitcoin (BTC), according to the firm’s head of digital asset research. In a letter to investors shared by Matthew Sigel on the social media platform X, VanEck says the recent downturn in Bitcoin and other digital assets reflects “spiteful government selling” into relatively thin markets around the 4th of July. Late last month, the German government began selling off large amounts of its confiscated Bitcoin, and has continued to relentlessly offload its holdings since. VanEck also notes that BTC rarely trades below its 200-day moving average in bull market years, but that if government selling continues and more bad news arises, the level – now around the $36,000 mark – could be breached. However, the firm says that several positive catalysts are now brewing for BTC, including a likely soft landing for the US economy, a probable reversal in monetary policy, and the likelihood of a Trump presidency come November. “Still, with inflation continuing to decelerate and the US economy in the midst of what looks like a soft landing, the long-awaited pivot in monetary policy looks closer. We expect the election to catalyze fresh all-time highs in BTC as the market prices in 4 more years of deficit spending and potentially a friendlier US regulatory backdrop under a Trump administration. Meanwhile, in emerging and frontier markets, Bitcoin adoption continues with three additional countries (Kenya, Ethiopia and Argentina) all announcing this year they are mining Bitcoin with government-owned energy. We continue to advocate a dollar cost average strategy to buy Bitcoin up to a target weight, seeing 6% as a reasonable position size for BTC & ETH for most 60/40 benchmarked portfolios.” At time of writing, Bitcoin is trading at $55,898. Don’t Miss a Beat –…
Filed under: News - @ July 8, 2024 6:12 pm