Bitcoin is a ‘Screaming Buy’ for 2024, VanEck Says + More News
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Global investment managing firm VanEck has named bitcoin (BTC) one of the firm’s “screaming buys” for 2024.
Related to that, it shared updates regarding its views on digital assets and the growth of digital asset-linked funds.
According to the press release, assets in VanEck’s crypto-linked funds are fast approaching $1 billion globally. On December 27, the firm’s VanEck Digital Transformation ETF (DAPP) surpassed $100 million in assets under management (AUM).
CEO Jan van Eck commented that,
“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.”
Matthew Sigel, Head of Digital Assets Research for VanEck, argued that DAPP provides “an excellent window” into both 2023 and 2024.
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, Sigel said.
“Coinbase, a large DAPP constituent, stands out for its market share gains, which we think are sustainable,” Sigel stated. He added: “If we at VanEck are correct that Bitcoin will make an all-time high next year on the back of the Bitcoin halving, a more relaxed U.S. Federal Reserve, and continued crypto adoption in emerging markets, then 2024 may be another strong year for the universe of companies so well-captured by the DAPP ETF.”
Hong Kong authorities have revealed plans to regulate over-the-counter (OTC) cryptocurrency exchanges. The move
