VanEck Shares Predictions for the Bitcoin Market in 2024

• Asset manager VanEck has a positive outlook for Bitcoin and the overall crypto market in 2024.
• Matthew Sigel, the Head of Digital Asset Research at VanEck, highlighted the impressive performance of DAPP in 2023, delivering gains of over 300%.
• The fund manager emphasizes that Coinbase has shown sustainable market share growth as a significant component of DAPP.

Asset manager VanEck announces its predictions for Bitcoin and the cryptocurrency market: What will the performance be like in the next year?

VanEck Releases 2024 Bitcoin Predictions

Asset manager VanEck shares its predictions for Bitcoin and the overall crypto market in 2024, painting a positive picture. The investment firm describes Bitcoin for the coming year as a ‘screaming buy’ alongside the growth of its fund. These comments come as VanEck Digital Transformation ETF’s (DAPP) assets under management (AUM) exceed $100 million, and VanEck’s globally associated crypto assets approach $1 billion.

Matthew Sigel, Head of Digital Asset Research at VanEck, stated that the performance of DAPP in 2023 has been impressive, delivering gains of over 300%. Sigel mentioned that this occurred with the influence of key players like Coinbase and Bitcoin miners. Sigel predicts that 2024 will be another strong year if Bitcoin reaches new highs, supported by the halving event, a more relaxed stance from the U.S. Federal Reserve, and continued adoption of crypto in emerging markets.

The fund manager highlights that Coinbase has shown sustainable market share growth as a significant component of DAPP. In particular, the exchange recently announced a 10x leverage limit for perpetual futures contracts on major cryptocurrencies, aiming to enhance market stability. The exchange listed on the Nasdaq is also actively operating in Washington. Recently, it rejected Senator Elizabeth Warren’s allegations regarding the use of the “revolving door” tactic to circumvent regulatory measures by passing through former legislative bodies.

Bitcoin remains the star in the market

VanEck CEO Jan van Eck emphasized the crypto market as the most exciting segment of the investment market. VanEck was one of the first companies to apply for a Bitcoin-related ETF and anticipates 2024 to be an explosive year for Bitcoin and crypto. The executive highlighted the introduction of a spot ETF in the U.S. as one of the most significant catalysts for this surge.

Previously, VanEck made a prediction for 2024, including the start of the first spot Bitcoin ETF in the United States and the beginning of a U.S. recession that could attract over $2.4 billion in investments in the first quarter of 2024.

The company foresees minimal disruption from the halving event in April. Meanwhile, VanEck predicts a historic high in the fourth quarter of 2024 for Bitcoin, including political events and regulations following the U.S. presidential election.