VanEck Actively Buying Bitcoin Despite Recent Price Pressure
According to Matthew Siegel, the company's head of digital asset research, financial giant VanEck is actively buying Bitcoin (BTC).
In a recent interview with CNBC, Siegel highlighted that several significant sellers have lowered the price of Bitcoin .
“The German government has sold off its entire Bitcoin, amounting to $2 billion. The US government is also selling tokens related to the Silk Road case. In addition, creditors from two major bankruptcies, Mt. Gox and Genesis, were recently paid,” Siegel explained.
He noted that despite this sales pressure, Bitcoin often faces a seasonal pattern where it struggles for one to three months after the halving event that occurred in April.
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US Bitcoin ETFs See Continued Positive Flow, While Ethereum Funds StruggleSiegel also pointed out that as the market adjusts to the results of the upcoming election, there is an expectation of continued reckless fiscal policy for another four years. Historically, this is the point at which Bitcoin tends to gain momentum.
“At this point, we are buyers. We believe it will recover,” he added.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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