In an exclusive interview on the Unchained podcast, Matthew Sigel, the head of digital assets research at investment powerhouse VanEck, shared his bullish perspective on the future of Bitcoin (BTC). Sigel predicts that Bitcoin could reach unprecedented heights, surpassing the previous all-time high of approximately $69,044, by the end of this year.

Currently trading at $42,660, Bitcoin’s trajectory, according to Sigel, is set to soar in Q4. The seasoned expert attributes this optimism to a confluence of factors, emphasizing the potential impact of global events such as contentious elections.

“This year looks promising for Bitcoin. We anticipate an all-time high in Q4, coinciding with several contentious elections worldwide. With a record-breaking number of global citizens participating in these elections—nearly 50% more than before—comes a unique opportunity for change, disruption, and the implementation of more pro-Bitcoin policies,” Sigel explained.

Sigel emphasized that the late 2023 rally in Bitcoin was not solely driven by the influx of exchange-traded funds (ETFs) but was also significantly influenced by a weakening US dollar. The macro contributors to this narrative include developments within the BRICS group, Nigeria reversing its ban on banks conducting business with crypto companies, and a groundbreaking declaration by a Saudi cleric affirming the permissibility of Bitcoin under Islamic law.

“The bull cycle is ahead of us. The November and December rally was not only about ETF flows but also about a weakening dollar. The BRICS group expanded, with five more countries joining. Nigeria reversed its ban on banks dealing with crypto companies, and a Saudi cleric declared Bitcoin permissible under Islam,” Sigel elaborated.

Sigel highlighted the broader implications of these global events on Bitcoin’s performance, asserting that the cryptocurrency’s upward trajectory is far from reaching its peak. The combination of geopolitical shifts and regulatory adjustments, especially in nations like Nigeria, has opened up new avenues for Bitcoin adoption.

“While the weaker dollar played a pivotal role in the recent rally, it’s essential to recognize the global impact of geopolitical and regulatory developments. Nigeria, for instance, has not only reversed its ban on banks dealing with crypto but has also become a key player in fostering Bitcoin adoption,” Sigel added.

As the world witnesses unprecedented changes in political landscapes and economic dynamics, Bitcoin stands to benefit from the growing acceptance and recognition it receives on a global scale. Sigel’s insights suggest that Bitcoin’s potential is not limited to its value as a decentralized digital currency but extends to its ability to adapt and thrive in diverse regulatory environments.

To delve deeper into the factors influencing Bitcoin’s positive trajectory, it’s crucial to analyze the evolving stance of various nations towards cryptocurrency. Nigeria’s decision to lift restrictions on crypto-related transactions demonstrates a shifting paradigm in the traditional banking sector’s approach to digital assets.

Moreover, the recent acknowledgment by a prominent Saudi cleric, affirming the permissibility of Bitcoin under Islamic law, adds a new dimension to the global narrative surrounding the cryptocurrency. This declaration not only enhances Bitcoin’s credibility but also positions it as a viable financial instrument in regions where adherence to Islamic principles is of utmost importance.

In conclusion, VanEck’s Matthew Sigel’s optimistic outlook on Bitcoin for 2024 sheds light on the cryptocurrency’s potential to break records and redefine its role in the global financial landscape. As geopolitical events unfold and regulatory landscapes evolve, Bitcoin’s adaptability and resilience continue to position it as a frontrunner in the ever-changing world of digital assets.