VanEck’s Bold 2024 Prediction: Bitcoin to Shine as Investment Fund Soars, Price Target $100,000
- VanEck says Bitcoin will be a “screaming buy” in 2024 and “the hottest part of the investment market today” in its latest update on its bullish crypto forecast for the near future.
- The investment firm also joined other ETF applicants in releasing BTC ETF ads this week, with its “born to Bitcoin” ad referencing Ross Ulbricht, the famous “buy Bitcoin” placard, and more.
Crypto is one of the screaming buys of 2024 and the “hottest part of the investment market today,” says VanEck, a global investment manager with 70 years of market experience and over $75 billion in assets under management.
According to CEO Jan van Eck, crypto will hit new heights this year, with the potential approval of Bitcoin spot ETFs expected to give the market a significant boost.
She stated:
Crypto is the hottest part of the investment market today, and a range of factors, not the least of which being potential movement on the introduction of a spot Bitcoin ETF in the U.S., has Bitcoin and the broader crypto space poised to break out in 2024,
The New York-based company further offered an update on its crypto investment progress this week, revealing that assets in its crypto-related funds are approaching $1 billion. On December 27, the firm’s VanEck Digital Transformation ETF (DAPP) surpassed $100 million for the first time.
DAPP is an ETF that tracks the performance of the MVIS Global Digital Assets Equity Index, which in turn tracks the performance of some top companies in the crypto ecosystem. It includes market leaders like Coinbase, one of the standout performers this year.
“DAPP provides an excellent window into the year that was in 2023 and an important lens through which to view the year to come,” added Matthew Sigel, the head of digital asset research at the investment firm.
He added:
DAPP’s 2023 performance, which as of December 28 was at more than +300% year-to-date, has been driven by Coinbase and Bitcoin miners. Miners are earning solid margins as mining machine prices have lagged the price of the coin. Also, many on-chain fundamentals have improved in recent weeks as Bitcoin profits are redeployed into newer projects on the Bitcoin blockchain or on other open-source chains like Solana.
Sigel further reiterated that the company believes Bitcoin will hit a new all-time high next year before the halving as the US Federal Reserve adopts a relaxed approach and crypto adoption soars.
VanEck Teases Bitcoin ETF Ad
VanEck is one of several firms that have applied for a Bitcoin spot ETF with the SEC alongside titans like BlackRock, Fidelity, and Invesco. According to Reuters, by yesterday, the company was among those who had submitted new documents with the SEC, laying out their plans to ensure a liquid and efficient market once the ETF is approved.
Sources say that companies that submitted their revised plans could launch their ETFs as soon as January 10 once the regulator gives the nod.
VanEck released a teaser ad about the upcoming ETF on social media platforms. The ad is set in Pubkey, a Bitcoin-themed bar in New York. Titled “Born to Bitcoin,” the ad runs for 19 seconds and has been a hit in the crypto circles.
Born to Bitcoin. 🧡 pic.twitter.com/qYI3bmZDvC
— VanEck (@vaneck_us) December 29, 2023
The ad made references to Ross Ulbricht, the founder of the dark web marketplace Silk Road, who was handed a double life sentence with no parole. Ulbricht is famous in the crypto world, and many in the space have advocated for his release for years.
