VanEck Associates, the mutual fund and ETF manager with over $76 billion in assets under management (AUM), has a bold Bitcoin price prediction for 2024.
The fund’s digital assets division expects a Donald Trump reelection victory next year to coincide with a new all-time high price for BTC.
VanEck Analysts 2024 Bitcoin Price Prediction
A recent note by VanEck’s Head of Digital Assets Research Matthew Sigel and Digital Assets Senior Investment Analyst Patrick Bush predicts Republican front-runner Donald Trump will regain the presidency with 290 electoral college votes.
As a result, the VanEck duo predict:
“Bitcoin price will reach an all-time high on November 9th, exactly 3 years to the day from its last all-time high.”
Sigel and Bush see Bitcoin price riding Trump’s coattails in 2024, with a Republican White House victory “raising optimism that the SEC’s hostile regulatory approach will be dismantled.” They noted that this would also follow the Bitcoin market cycle driven by supply cut halvings, “Bitcoin’s breakout in November 2020 also came exactly three years to the day from its November 2017 top.”
Finally, the pair of analysts throw out $100K as a potential Bitcoin price prediction for 2024. They also “make a long-shot call that Satoshi Nakamoto will be named Time Magazine’s ‘Man of the Year.’”
Trump Himself Is No Fan of Crypto
Trump has said he is no fan of cryptocurrencies or Bitcoin himself. In fact, the former president warned in 2021 that cryptocurrencies could be very dangerous. He suggested they could create a financial bubble to rival the Dot-com one that crashed in 2000:
“There could be an explosion someday, the likes of which we’ve never seen. It will make the big tech explosion look like baby stuff. I think it’s a very dangerous thing.”
But Republicans in Congress tend to be more pro-cryptocurrency. Should Donald Trump regain the White House in 2024, Republicans will likely hold more power over federal cryptocurrency policy. So, it’s a bullish scenario for Bitcoin price.
The VanEck analysts expect a Trump win next year because of “mounting evidence that voters and courts are rejecting the anti-growth agenda of the Green lobby.” Polling data show voters are more concerned about their finances, worried the economy is on the right track, and leaning toward Trump in crucial 2024 swing states.
While he trailed President Biden for most of this year, Trump started pulling ahead of the White House incumbent this fall. Trump led Biden for the first time ever in the NBC News poll in November.