Matthew Sigel, the head of crypto research at investment giant VanEck, has expressed optimism about Bitcoin‘s potential to reach all-time highs within the year. He suggests that the cryptocurrency could surpass its previous peak of $69,044, citing the aftermath of contentious elections and increased global voter participation as a catalyst for change and Bitcoin-friendly policies.
Sigel attributes Bitcoin’s recent gains to various factors, including inflows into exchange-traded funds (ETFs) and a weakening U.S. dollar. He also notes the expansion of the BRICS group of countries and macroeconomic contributions to the weak dollar narrative.
Further bolstering Bitcoin’s ascent, Sigel points to Nigeria’s reversal of bank bans on crypto companies and a Saudi cleric’s declaration of Bitcoin as permissible under Islamic law. Additionally, he mentions Argentina’s legal recognition of Bitcoin for contract settlements.
The expert’s insights come as Bitcoin trades around $42,660, with expectations of a bullish cycle ahead. Sigel’s analysis highlights a combination of political, economic, and regulatory developments that could propel Bitcoin to new heights.
Investors and enthusiasts are closely monitoring these indicators, as Sigel’s forecast could signal a significant milestone for Bitcoin’s mainstream adoption and value appreciation in 2024.