- Jan van Eck sees a several year bull cycle in Bitcoin.
- He explained why in a recent interview with CNBC.
- Bitcoin is already up 70% versus the start of the year.
According to the CEO of VanEck Associates, it’s still not too late to invest in Bitcoin if you’re a long-term investor. BTC is already up 70% year-to-date.
Fed could be a catalyst for Bitcoin
Jan van Eck believes that the U.S. Federal Reserve will eventually have to begin cutting rates – an event he expects to be a meaningful catalyst for BTC.
We’re at the very beginning of what could be a several year [bull] cycle in Bitcoin. All the speculation is out. If you want to have this in your portfolio as a hedge, it’s pound the table time.
He sees a similar bull cycle for gold as well.
Bitcoin supply to halve in 2024
Now is a suitable time for long-term investors to pick Bitcoin also because its total supply is scheduled to halve in 2024. Historically, that lifts its price in the months to follow.
In a recent interview with CNBC, Jan van Eck compared Bitcoin to an eight-year-old child and said:
I call Bitcoin an eight-year-old child. It’s very early in stages of adoption. So many institutional investors and central banks haven’t really gotten involved. That’s possible over the next several years.
The surge in BTC price on Wednesday was related also to 1.5K Bitcoin shorts blowing out.