Financial giant VanEck is buying Bitcoin (BTC), according to Matthew Sigel, head of digital asset research at the company.
In a new one interview with CNBC, Sigel notes that there have been four sellers in the BTC market who have driven down the price of the major crypto asset.
“The German government has sold all its Bitcoin, worth $2 billion. The US government sells Silk Road-related coins. There are two major bankruptcies where creditors have just been paid out – they are Mount Gox and Genesis.
So now that all this selling is behind us… this is a typical seasonal pattern of Bitcoin struggling in the three months following the halving, which took place in April. And right before the election, if the market gains traction on whichever candidate wins, we’re in for four more years of reckless fiscal policy – history is that Bitcoin really takes off at that point. So we are buyers here. We think it will recover.”
VanEck is one of the few traditional financial companies to launch spot exchange-traded funds (ETFs) linked to Bitcoin and Ethereum (ETH) this year. The investment management company has also filed for a Solana (SOL) ETF with the U.S. Securities and Exchange Commission (SEC).
BTC is trading at $59,076 at the time of writing.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: DALLE3