VanEck Executive: Bitcoin Could Return to All-Time High in the Next 12 Months

BlockBeats News, May 10th, VanEck's Director of Digital Asset Research, Matthew Sigel, stated in an interview with CNBC that he expects Bitcoin to retest its all-time high in the next 12 months. He pointed out that the current BTC correlation with the Nasdaq is near a 5-year high, with the resilience of the U.S. stock market driving this round of rebound. However, the derivatives market still lacks significant optimism, with the futures and options markets mostly reflecting short covering and hedging demand. Therefore, from a contrarian perspective, there may still be downside potential in the market.

Matthew Sigel also mentioned that a central bank has already announced this year that it will include Bitcoin in its foreign exchange reserves, indicating that BTC is gradually transitioning into a global asset used for large-scale cross-border transaction settlements. He believes this is a major trend. In terms of investment direction, he expressed optimism about the increase in Bitcoin's market dominance and Bitcoin mining companies benefiting from the AI integration trend. He stated that mining companies are becoming significant beneficiaries of AI infrastructure, and as AI businesses grow, the selling pressure of BTC by mining companies to raise funds is decreasing.

Furthermore, Matthew Sigel suggested that if the "CLARITY Act" is passed, it may reignite the altcoin market sentiment. However, institutional investors are currently cautious about most altcoins due to regulatory and investor protection issues.