The CEO of financial giant VanEck remains optimistic about Bitcoin (BTC) despite its recent dip to the $50,000 range. In an interview on CNBC Television, VanEck CEO Jan van Eck noted that Bitcoin’s double-digit correction is not uncommon in previous bull market cycles.
According to van Eck, the recent decline in Bitcoin’s price can be attributed to the German government selling confiscated Bitcoin and the settlement of the defunct crypto exchange Mt. Gox with creditors. However, he remains bullish due to the strong performance of spot Bitcoin exchange-traded funds (ETFs) and the potential for the Fed to cut rates by the end of the year.
Van Eck emphasized that at VanEck, they are long-term investors and are holding on to their investments. Despite the short-term fluctuations, he believes that the current correction is normal in a bull market. Retail investors have continued to show interest in Bitcoin, with inflows into spot BTC ETFs even during price dips.
As of now, Bitcoin is trading at $58,079, showing a slight increase in the last 24 hours. The overall sentiment remains positive, with factors like the Fed easing and retail investor interest fueling optimism in the market. Investors are advised to do their due diligence before making any high-risk investments in Bitcoin or other digital assets.