VanEck Predicts Bitcoin Reaches 180,000 US Dollars, Jim Crammer Talks About This

JAKARTA - Vaneck, a global asset manager company, predicts the price of Bitcoin will reach $180,000 on the market cycle this time. VanEck's Head of Digital Asset Research, Matthew Sigel, said that the increasingly supportive regulatory conditions and increasing institutional interest were the main driving factor.

The Financial Innovation and Technology Law for the 21st Century (FIT21), which was passed by the US House of Representatives in May 2024, is an important foundation in clarifying the legal framework for digital assets. FIT21 aims to reinforce the role of Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC).

Despite drawn criticism from the White House regarding consumer protection, this law is considered to provide the certainty needed by crypto investors. In addition, the government of President-elect Donald Trump, known to be friendly to digital assets, is expected to encourage further growth. Several pro-crypto officials have been appointed in strategic positions, including the Minister of Finance, Scott Bessent.

VanEck also noted a surge in institutional interest in Bitcoin. Many investment advisors are now starting to include Bitcoin in their portfolio, as demand for these assets increases. Bitcoin trading volume continues to increase, with daily transaction value reportedly reaching 111 billion US dollars (around Rp1,755 trillion).

Corrected Bitcoin Prices

Currently, Bitcoin is trading in the range of US$98,534 (Rp1.56 billion), up more than 140% since the start of the year. The price corrections that occurred recently were considered a consolidation phase before potential further rise.

The drop in the price of Bitcoin came after Jim Crammer, the host of Mad Money on CNBC, said Bitcoin was the winner. The public, especially investors and traders, dubbed Crammer as inverse Crammer. Because everything he said has the opposite meaning. For example, when Jim Crammer said the bearish crypto market, what happens is usually bullish.

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— Elon Musk (@elonmusk) November 23, 2024

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At the time of writing, November 25, the price of Bitcoin is trading at the level of IDR 1.55 billion per coin. It slipped 0.9 percent in the last 24 hours based on CoinGecko data.