As a seasoned crypto investor with a decade of experience navigating the digital asset landscape, I find Matthew Sigel’s insights on Bitcoin’s future rally both enlightening and reassuring. Having personally ridden the rollercoaster of crypto market fluctuations, I can attest to the importance of keeping a cool head during such times.
On November 14, Matthew Sigel, who leads digital asset research at international investment firm VanEck, appeared on CNBC’s “Squawk Box” program to express his views about the continued surge in the cryptocurrency market.
In the interview, Sigel conveyed optimism about Bitcoin‘s ongoing surge not yet reaching its peak. He suggested that the recent upward trend, triggered by the election, has propelled Bitcoin into an area with minimal technical obstacles. Sigel predicted that Bitcoin would continue to set new record highs frequently in the next six months. He likened the current situation to 2020, pointing out that following the previous election, Bitcoin nearly doubled in value, although there were various corrections throughout the process. Sigel underscored that while short-term fluctuations may occur, the rally is merely beginning.
He pointed out that several indicators monitored by VanEck continue to signal a positive outlook for Bitcoin. Sigel believes that these factors, combined with increased government support, will sustain the rally. He noted that members of the new administration, including the Vice President and key Cabinet members, have shown pro-Bitcoin leanings, which he sees as a significant shift towards a more supportive regulatory environment.
Sigel noted a rise in institutional investor curiosity. In fact, he’s received many questions from investment advisors who currently have limited Bitcoin exposure. As per Sigel, those with no crypto assets are now pondering a 1% investment, while those with minimal allocation are eager to boost it up to 3%. Sigel is confident that this rising institutional interest will lead to substantial funds flowing into the market.
According to Sigel’s prediction, VanEck anticipates that the price of Bitcoin could reach $180,000 during this cycle. This figure represents a substantial increase from the recent market low but would still be the smallest percentage gain in Bitcoin’s history. Sigel believes it’s achievable within the next 12 months.
In a conversation about overall market trends, Sigel noted that although Bitcoin is currently experiencing a surge, it doesn’t appear to be as manic as during past bull runs. He pointed out that Google searches for Bitcoin are significantly less frequent than they were four years ago, and the popularity of crypto apps such as Coinbase in app stores like Apple and Android is also decreasing. These signs indicate that the market isn’t showing signs of excessive excitement just yet, suggesting there could still be more room for growth.
Signal, too, delved into the realm of derivative markets, pointing out that although the funding costs for Bitcoin futures have risen, they haven’t yet reached alarming heights. He elaborated that during phases of price exploration, these costs often stay high for considerable durations, suggesting that the upward trend might still be in its initial phase, as the costs reflecting this stage tend to persist for extended periods.
Sigel spoke about the possible effects of regulatory shifts during the incoming Trump administration. He brought up the possibility of the current SEC Chair leaving office, which he thinks could mark a significant moment for the cryptocurrency sector. Sigel is convinced that the end of the “regulation by enforcement” approach would create a more vibrant and inventive landscape for digital currencies.
He mentioned that several crypto projects are already planning to expand their operations in the United States, including opening offices and holding conferences in locations like New York. This shift, Sigel argued, would be beneficial for U.S. job creation and GDP growth. He also noted that the establishment of a Bitcoin reserve could legitimize Bitcoin as a reserve asset, facilitating its use as a global settlement currency.
In his forward-looking perspective, Sigel emphasized the potential harmony between Bitcoin and artificial intelligence (AI). He proposed that combining AI technologies with Bitcoin mining could potentially lead to substantial improvements in efficiency. Furthermore, he hinted at the possibility that future advancements in AI might gain from the decentralized, energy-efficient structure offered by Bitcoin’s network.
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2024-11-15 13:54