Bitcoin
VanEck CEO Says Bitcoin Correction Is Normal, Outlines Two Bullish Catalysts for BTC
The CEO of financial giant VanEck remains bullish on Bitcoin (BTC) and says its recent correction to the $50,000 range is not surprising.
In a new interview on CNBC Television, VanEck CEO Jan van Eck it says that Bitcoin’s double-digit correction has historical precedence in previous bull market cycles.
He believes Bitcoin’s decline this month was caused by the German government selling Bitcoin was seized earlier this year and now-defunct cryptocurrency exchange Mt. Gox is seizing deals with creditors. But he says the strong performance of spot Bitcoin exchange-traded funds (ETFs), plus the likelihood of the Fed cutting rates before the end of the year, are reasons to remain optimistic.
“It’s like fuel for Bitcoin and gold investors, the Fed is easing. So it’s super bullish. Bitcoin has had some sell-offs from the German government, there was the Mt. Gox sell-off – short-term stuff. But we’ve only seen a 20% correction in the price of Bitcoin, and that’s normal in a bull market. At VanEck, we like to say we’re holding, which is holding for dear life. So we’re long-term investors, and all the [spot BTC] ETFs have pretty much seen inflows, including last month when the price fell 10%. So it’s a trickle down of retail investors.”
Bitcoin is trading at $58,079 at the time of writing, up slightly over the past 24 hours.
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