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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Siegel 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.

Alexander Stefanov