VanEck CEO says Bitcoin is like an ‘eight-year-old child’: here’s why

VanEck CEO says Bitcoin is like an ‘eight-year-old child’: here’s why

By Wajeeh Khan - min read
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  • Jan van Eck sees a several year bull cycle in Bitcoin.
  • He explained why in a recent interview with CNBC.
  • Bitcoin is already up 70% versus the start of the year.

It’s not too late to invest in Bitcoin as long as you’re a long-term investor, says Jan van Eck – the Chief Executive of VanEck Associates. BTC is already up 70% year-to-date.

Bitcoin will benefit when Fed starts to ease

That’s an interesting call considering the U.S. regulators have been coming at the crypto market hard in recent weeks.

But Jan van Eck is convinced the U.S. Federal Reserve is about to end its tightening cycle. Eventually, he added, the central bank will have to begin cutting rates – an event he expects to be a meaningful catalyst for BTC.

We’re at the very beginning of what could be a several year [bull] cycle in Bitcoin. All the speculation is out. If you want to have this in your portfolio as a hedge, it’s pound the table time.

Jan van Eck sees a similar bull cycle for gold as well.

Bitcoin supply is set to halve next year

Now is a suitable time for long-term investors to pick Bitcoin also because its total supply is scheduled to halve in 2024. Historically, that lifts its price in the months to follow.

According to Jan van Eck, the recent bank failures also work in favour of BTC. In a recent interview with CNBC, he added:

I call Bitcoin an eight-year-old child. It’s very early in stages of adoption. So many institutional investors and central banks haven’t really gotten involved. That’s possible over the next several years.

The surge in BTC price on Wednesday was related also to 1.5K Bitcoin shorts blowing out.