VanEck CEO: “Bitcoin Correction is Normal…Plenty of Bullish Materials”

IconCryptoNewsTerminal Staff11 Jul, 2024

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VanEck CEO: “Bitcoin Correction is Normal…Plenty of Bullish Materials”

Jan Van Eck, CEO of American asset management firm VanEck, said in a CNBC interview that "it is totally normal to see Bitcoin (BTC) experiencing a correction during a bull market". He added that "Bitcoin’s volatility is one of the characteristics of a risk asset." Despite the correction, Van Eck believes that Bitcoin still has a lot of bullish materials, such as the halving and the Federal Reserve's easing policy. He said that "the recent correction was due to short-term negative factors such as Germany's sales tax and Mt. Gox's repayment, but this is also normal." Van Eck also noted that there has been a notable inflow of individual investors into the Bitcoin spot exchange-traded fund (ETF) during the correction period. This suggests that there is still strong demand for Bitcoin from retail investors. Overall, Van Eck remains optimistic about the long-term prospects for Bitcoin. He said that "I think Bitcoin is still in the early stages of its development. I believe that it has the potential to become a global reserve currency." ```

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