Financial giant VanEck is buying Bitcoin (BTC), according to Matthew Sigel, the firm’s head of digital assets research.
In a new interview with CNBC, Sigel notes there have been four sellers in the BTC market driving the price of the top crypto asset down.
-->“The German government has sold all of its Bitcoin, $2 billion worth. The US government is selling Silk Road-related coins. There are two major bankruptcies where creditors have just been paid out – that’s Mt. Gox and Genesis.
So with all this selling behind us… this is a typical seasonal pattern where Bitcoin tends to struggle in the one-three months after the halving, which was in April. And right pre-election, as the market comes to grips with whatever candidate wins, we’re in for four more years of reckless fiscal policy – the history is that Bitcoin really hits its stride at that point. So we’re buyers here. We think it recovers.”
VanEck is one of a handful of traditional finance firms that launched spot exchange-traded funds (ETFs) tied to Bitcoin and Ethereum (ETH) this year. The investment management company also filed an application for a Solana (SOL) ETF with the U.S. Securities and Exchange Commission (SEC).
BTC is trading at $59,076 at time of writing.
