Matthew Sigel noted that Bitcoin showed a similar trend in the past cycles, especially during the presidential election. According to his forecast, BTC will reach $180,000 by next year. The relationship between President-elect Donald Trump and Vice President JD Vance is adding to Bitcoin’s popularity, Siegel said.
Interest in the first cryptocurrency is also growing from investment advisors who are ready to increase the share of Bitcoin in the portfolio – from 1% to 3%. This is also an important factor to support the Bitcoin level, the main manager of VanEck believes. In addition to the loyalty of politicians and institutional investors to the digital currency, Siegel noted the continued interest in the Internet, despite Google (NASDAQ:) searches for Bitcoin significantly lower in the peaks went away
Additionally, Siegel sees increased activity in the Bitcoin futures market. The strategist is confident that this momentum will be maintained for a long time. According to Siegel, the BTC market is still in “price discovery mode,” which has historically set the stage for sustained bull rallies.
Senior manager VanEck said that many crypto projects are planning to hold conferences in the United States for the first time in many years. Siegel said this was a good sign for the American economy, in which Bitcoin could play an important role as an “international settlement currency.” BTC’s integration with artificial intelligence (AI) could prepare the financial system and society for Bitcoin adoption, Siegel concluded.
Siegel previously predicted the launch of cryptocurrency-linked exchange-traded funds (ETFs) if the new US administration takes a “pro-crypto” approach.
2024-11-15 11:05:00
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