VanEck CEO Forecasts Bitcoin Surge Against $41,000 Still Tide

The CEO expects Bitcoin to set a new all-time high within the next 12 months, surpassing its previous 2021 peak.

VanEck CEO Jan van Eck holding a massive Bitcoin.
Created by Kornelija Poderskytė from DailyCoin
  • Bitcoin is still on the road to recovery since its year-high price drop in December.
  • Industry insiders are maintaining a bullish stance in predictions for the coming year.
  • VanEck CEO expects Bitcoin to rise to a new all-time high.

As the curtains draw on 2023, the cryptocurrency industry is bustling with activity, marked by both exhilarating price highs and volatile lows. Bitcoin (BTC), the industry token giant, recently briefly hit the $44,000 mark in the first week of December. 

However, the festivities were short-lived, as Bitcoin faced an abrupt decline in trading prices, casting doubts on the expectations that it would surge to even greater heights before the year’s end. 

As the market leader grapples with a $41,000 price point, industry experts are split on what’s next, rolling in performance predictions for the new year.

VanEck CEO Bullish on Bitcoin

In an interview with CNBC on December 16, CEO of investment management firm VanEck Jan Van Eck expressed his confidence in Bitcoin as a leading internet store of value. 

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Highlighting Bitcoin’s consistent performance over the years, the VanEck CEO drew parallels between the asset and Gold, emphasizing market characteristics and macroeconomic factors.

He emphasized that Bitcoin has consistently outperformed other assets over the years and asserted that the asset will continue to pull in more gains.

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“I think it’s impossible for me to imagine some other internet store of value leapfrogging Bitcoin; It’s an obvious asset that is growing up in front of our eyes,” he said.

Bitcoin has enjoyed significant momentum this month, breaking out of its month-long $37k-$39k range to break through $44,000 on December 5. However, despite excitement that Bitcoin may push onward to $45k or even $50k, the leading digital asset was rejected and currently hovers at a trading price of $41,052 at the time of writing.

Despite this, Van Eck predicts that Bitcoin will attain a new all-time high within the next 12 months, surpassing its peak of $69,000 in 2021.

Jan Van Eck’s comments align with the recent broader sentiment within the industry, all charting an optimistic outlook for the asset in the upcoming year.

Market Predictions for Bitcoin 2024 

The anticipation of an upcoming bull market has stirred prediction conversations within the crypto space, focusing on Bitcoin.

In November 2023, Jan3 CEO Samson Mow predicted that Bitcoin would hit $1 million per coin, leaning on the grounds that the asset will repeat the same growth cycle that ignited the 2017 bull run.

Adding to the wave of optimism, asset management firm Bitwise rolled out predictions for the 2024 crypto industry, foreseeing an ambitious $80,000 price surge for Bitcoin.

Bitwise’s outlook is set on Bitcoin’s outstanding performance in recent years, leading by 128% in comparison to assets like  S&P 500 (21%), gold (12%), and bonds (2%).

The industry is also abuzz with whispers of an imminent green light from the U.S. Securities and Exchange Commission for Bitcoin spot Exchange-Traded Funds (ETFs), expected to ignite a surge in demand for the asset and solidify its stance as a mainstream asset.

On the Flipside

Why This Matters

While there are no guarantees of a monumental price performance for Bitcoin in 2024, the bullish predictions of a price surge in the new year reaffirm the asset’s maturing and enduring stance as a leader in the industry.

Read more on Bitcoin’s December 11 price dip:
Bitcoin Sell-Off Played Down as Healthy Correction

The Hong Kong government is charting the region’s vision of becoming a leading digital hub, read more:
Hong Kong Enlists HSBC, UBS Group For Tokenized Bonds Sale

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.