Matthew Sigel, head of digital assets research at leading investment giant VanEck, said: Bitcoin He stated that the price is in an upward trend.
Participating in the podcast series Unchained, Sigel claimed that Bitcoin could exceed its all-time high of $69,044 this year.
Frankly, this year looks like a solid year. We believe Bitcoin could rise to a new all-time high in Q4, as it did following a contentious election. Many more citizens around the world have begun to vote in elections, we are seeing levels of almost 50%+. This is an all-time high – with a 200-year history, these elections present a lot of opportunity for change, disruption, and more pro-Bitcoin policies.
According to Sigel, several factors could account for the gains Bitcoin recorded late last year.
In Sigel’s and the company’s view, this bull cycle is well ahead. So the rallies recorded in November and December may also be linked to the weakening of the dollar rather than a fundamental factor such as the approval of ETFs. According to Sigel, with the expansion of the BRICS group and the addition of five more countries to BRICS, there were many macro factors that contributed to the weak dollar narrative.
In addition to the developments in the dollar, Sigel pointed out the easing of pressures in Nigeria. As Koinfinans.com reported, Nigeria was previously quite strict on cryptocurrency. However, after the latest relaxation, banks can work with crypto companies. On the other hand, some religious figures who are closely followed in the Islamic world also accepted that Bitcoin is permissible. And finally, in Argentina, it was stated that Bitcoin is legal for contract settlement for all intents and purposes.