đ„ VanEck CEO Says Bitcoin Correction Is Normal, Outlines Two Bullish Catalysts for BTC
The chief executive of the financial giant VanEck is remaining bullish on Bitcoin (BTC) and says its recent correction into the $50,000 range is not surprising.
In a new interview on CNBC Television, VanEck CEO Jan van Eck says that Bitcoinâs double-digit correction has historical precedence in prior bull market cycles.
He believes Bitcoinâs decline this month was caused by the German government selling Bitcoin it confiscated earlier this year and the defunct crypto exchange Mt. Gox settling with creditors. But he says the strong performance of spot Bitcoin exchange-traded funds (ETFs) plus the likelihood of the Fed cutting rates before the yearâs end are reasons to still be bullish.
âItâs like fuel for Bitcoin and gold investors, the Fed easing. So itâs super bullish. Bitcoin got some selling from the German government, there was the Mt. Gox selling â short-term stuff. But weâve seen only a 20% correction in the Bitcoin price, and thatâs kind of normal in a bull market. At VanEck, we like to say weâre hodling, which is holding on for dear life. So weâre long-term investors, and all the [spot BTC] ETFs pretty much have seen inflows, including last month, when the price was down 10%. So itâs a drip from retail investors.â
Bitcoin is trading for $58,079 at time of writing, up slightly in the last 24 hours.
