Matthew Sigel Predicts Bitcoin Price Surge After U.S. Elections as New Buyers Enter Market

Cryptonews Dante Raeburn October 29, 2024

Matthew Sigel Predicts Bitcoin Price Surge After U.S. Elections as New Buyers Enter Market

Matthew Sigel from VanEck expressed a bullish outlook on Bitcoin as the U.S. elections approach, anticipating an influx of new buyers reminiscent of trends observed during the 2020 elections. Bitcoin recently rose by 1.67%, trading at $68,822. Sigel compared Bitcoin adoption to the gaming industry, predicting an ongoing influx of new users. He also pointed out the growing significance of Bitcoin among BRICS nations, indicating a potential for further price increases in the digital asset.

In a recent interview with CNBC’s Squawk Box on October 28, Matthew Sigel, head of digital assets at VanEck, articulated his bullish perspective on Bitcoin ahead of the upcoming U.S. elections. He observed that the current market conditions present an ideal environment for Bitcoin’s price to surge as new buyers are anticipated to enter following the election results. Sigel noted, “This is a very bullish setup for bitcoin into the election. We saw the exact same pattern in 2020, where bitcoin lagged with low volatility, and then once a winner was announced, we had a high-vol rally as new buyers came into this market.” Currently, Bitcoin has recorded a notable increase of 1.67% in the previous 24 hours, trading at approximately $68,822 at the time of reporting. Sigel draws parallels between the prevailing market landscape and the period leading up to the 2020 elections, suggesting that Bitcoin’s behavior mirrors past trends. In his analysis, Sigel likens Bitcoin adoption to the video gaming industry, where new users consistently emerge while those who do not grasp the concept of digital currency gradually diminish. He remarked, “I made a point in the CNBC interview today that Bitcoin adoption resembles the video game industry in that new users are born every day while the Olds who don’t understand die off.” He further emphasized that the ongoing participation of older generations in gaming illustrates that investment behavior may continue regardless of age. Additionally, Sigel highlighted significant global developments, such as the recent BRICS conference in Russia, where six newly inducted members—whose collective GDP surpasses that of the G7—indicated a growing trend towards Bitcoin adoption, especially in nations like Argentina and the UAE that are utilizing government resources for Bitcoin mining. Sigel’s insights reflect an optimistic outlook on the future of Bitcoin, reinforcing the notion that as the landscape for digital currency shifts, substantial opportunities for price appreciation may soon arise, supported by an expanding base of new investors.

Matthew Sigel, who leads the digital assets division at VanEck, provides insights into the cryptocurrency market dynamics and the potential for Bitcoin price increases as a consequence of the upcoming U.S. election. The historical reference to the 2020 election illustrates observed patterns of volatility in Bitcoin trading that coincide with major political events. Sigel’s analogy describing Bitcoin adoption as akin to the gaming industry further contextualizes the influx of new investors and the gradual exit of those resistant to change. The recent BRICS developments signify broader international trends that may greatly impact Bitcoin adoption and valuation in the global market.

In conclusion, Matthew Sigel’s analysis underscores a potentially significant upward trajectory for Bitcoin prices as new buyers are expected to enter the market following the U.S. elections. His comparison of Bitcoin adoption to the video gaming industry highlights the continuous emergence of new participants while signifying the gradual retreat of skeptics. Furthermore, the international context, particularly the BRICS developments, may necessitate alternative approaches to Bitcoin adoption, positioning the cryptocurrency for further acceptance and potential price growth in the future.

Original Source: www.banklesstimes.com