VanEck: Bitcoin is in the early stages of a bull run, Trump’s election victory will be good for cryptocurrencies

Matthew Sigel, director of digital asset research at VanEck, said the outcome of the Biden-Trump election could have a significant impact on the cryptocurrency industry. Sigel said a Biden defeat would be good for digital assets and their wider adoption.

Bitcoin is currently in the early stages of a bull run, driven by renewed interest in spot Bitcoin ETFs in the U.S. market. Sigel said that VanEck has long recognized the disruptive potential of Bitcoin and pursued a Bitcoin ETF, but the SEC blocked this effort. Although some financial institutions are not considering adding Bitcoin to their regular investment products, Sigel expects that as more companies reconsider Bitcoin, financial advisors' views on the digital asset may change.