VanEck makes bold bitcoin predictions for 2023

‘Foretelling’ things in the financial world is always dangerous. It’s not easyIt’s nice to estimate things well in advance, and if you get it wrong once you know it. ETF publisher VanEck dares, and even does eleven striking statements.

Bitcoin quickly finds bottom

VanEck is the issuer of several crypto ETFs (exchange traded funds), which will give it a good idea of ​​where investors are putting their money. The company thinks bitcoin (BTC) will fall even further in the first quarter. A test of the $10,000 to $12,000 price level likely finds it.

Many miners are now on the edge of the abyss. Many of them have even had to sell all of their BTC they have mined this year. The bitcoin price has been steady for quite some time now below the price of production. If the price drops to $12,000 or even $10,000, that’s the bottom, according to VanEck.

After that, the price may rise to $30,000. Less inflation, fewer energy problems, a possible end to the war in Ukraine and even an end to tight financial conditions could signal the start of a new bull market in crypto.

Off-chain assets worth $10+ billion will be placed on the blockchain

Blockchains are not only good for volatile cryptocurrencies of which you may wonder whether they have intrinsic value. You can also put “real world” assets on it. According to VanEck, institutions will put more than $10 billion in off-chain assets on blockchains.

MakerDAO has plans to tokenize $1 billion of US Treasury bonds to give DAI holders higher staking returns, VanEck writes.

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Governments are going to invest in crypto

Perhaps the most important prediction is that a government will invest in bitcoin and other digital assets. According to the ETF maker, this will likely be a country dependent on oil exports. Saudi Arabia is already said to be mining BTC on a small scale, and Russian bank Sberbank is already working on MetaMask integration.

Triple-A games are coming to blockchain

Also not unimportant is that the crypto gaming sector would see significant growth. The total number of monthly active Web 3.0 gamers would increase from 2 million to 20 million, as we could see blockchain integration of several AAA games. All in all, we can conclude that VanEck is very positive about the crypto market.

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