VanEck Says Bitcoin to Reach $1 Million Within Five Years

VanEck offered a bullish outlook for Bitcoin.

Cointelegraph reported on May 7 that Matthew Sigel, the asset manager’s head of digital assets research, said in an interview that he expects Bitcoin to reach $1 million within the next five years.

Sigel also predicted broader mainstream adoption for Bitcoin. He compared it with video games, saying they were once seen as something only children played but are now enjoyed by people of all ages. Bitcoin, he added, will follow a similar path toward wider use.

At the same time, Sigel said Bitcoin is likely to undergo sharp volatility and recurring price cycles on its way to $1 million. He said Bitcoin’s correlation with the Nasdaq has reached its highest level in five years, and that the recent rebound appears to have been driven by macroeconomic trends and short covering.