The CEO of asset management giant VanEck says conditions for crypto are becoming extremely favorable as 2024 approaches.
In a new interview on the Empire podcast, Jan van Eck says Bitcoin has most likely established itself as the leading alternative to gold, giving bulls the chance for a “near perfect trade” next year.
“This whole thing could be a sham, as many people think. It could be that Web2 companies adopt crypto technology, that some Wall Street firms use permissioned blockchains, and that in three years you and I will have different jobs. It could be.
But – you have to leave the future out of the equation because no one knows – but if Bitcoin is established now, which I think it is and I have been for five years, as an alternative, just as silver has done for platinum, to to demand gold as a store of value, then you have an almost perfect setup as a trade transaction.”
Van Eck mentions several catalysts contributing to Bitcoin and crypto’s bullishness in 2024, including a possible Federal Reserve pivot, Bitcoin’s halving, and a simple lack of sellers still standing.
“You have the Fed changing its policy or nearing the end of it, you have the halving, you have other uncertainties… And you have the liquidation that has taken place in the market. I mean, I’ve been involved in some really inflated asset classes in my career.
Emerging market debt was one of them, with bonds issued by countries trading at prices of $0.04, $0.05, $0.10 per dollar. And what do you see? You see everyone liquidating, you see the market makers liquidating, so there is no infrastructure, and now I suspect the story around the FTX bankruptcy as their portfolio will be liquidated.
I just can’t imagine who else there is to sell, and when you look at the statistics of on-chain and CeFi sales of Bitcoin and other coins, it all supports that simple story.”
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Featured image: Shutterstock/Sergey Nivens