2023 Will Neither Be Bearish Nor Bullish For The Crypto Market – CEO Of Van Eck Associates
Jan Van Eck, CEO of Van Eck Associates, stated in a recent interview program that the present instability in the traditional banking institution is not a long-term issue. He also claimed that “we are at the start of a multi-year bull cycle for Bitcoin and gold.”
A Sideways Crypto Market
Van Eck acknowledged that he anticipated a “sideways crypto market this year,” but reiterated that the current sell-off crisis is not a long-term problem. In his words:
“The narrative is a little more complicated. In 2023, the bathtub water level will be flat. By the year’s end, the bathtub water will remain the same. It will likely be a two-way year.”
Jan Van Eck recently emphasized that despite monetary benefits and price hikes at the start of this year, it does not signify a bullish year. According to him, the surge in the technology stock market in January resulted from “infusions of sell-off into the crypto market” in late 2022.
Van Eck also stated that the current support from the Fed and banks is a temporary measure to alleviate the recent financial turmoil, leading to a sideways market. Thus, 2023 will neither be a bearish nor bullish year.
Furthermore, he expressed his confidence in BTC, citing its relative stability compared to other coins amidst financial turmoil and volatility. Van Eck believes Bitcoin will remain a reliable investment option and supports his argument with several events in the macroeconomic space.
Van Eck is a long-term Bitcoin advocate and has previously suggested that cryptocurrencies such as Bitcoin should be a part of every investor’s portfolio. He believes that Bitcoin and other cryptocurrencies are essential components of a diversified investment portfolio and critical for investors seeking to protect their assets against inflation.
A Fleeting Driving Force
The global economy’s monetary condition was not strict in January. However, there is no need to expect the “ghost-like quantitative strictness” to last. In this year’s prediction, Van Eck stated that this year would go both ways for equities.
His underlying assumption was that given the context of no additional spending, a feeble global economy, and strict monetary policy, investors would await the “surge” in equity markets, which may not happen. Despite a bullish start to the year, a closer examination indicates that many factors driving the financial market’s rally are fleeting.
As a result, the Van Eck Associates CEO is confident that the markets will be unchanging this year.
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