VanEck Says Bitcoin Could Reach $100,000 Next Year as US Fiscal Strains Fuel Gains
Summary
- VanEck said Bitcoin could rise to $100,000 next year.
- VanEck said concerns about US government debt, fiscal sustainability and excessive debt burdens are supporting Bitcoin's resilience.
- VanEck said institutional investors are buying Bitcoin, which was trading at $77,473.
Forecast Trend Report by Period
Global asset manager VanEck said Bitcoin could climb to $100,000 next year.
Matthew Sigel, VanEck's head of digital assets research, told CNBC on September 18 that Bitcoin could rise to $100,000 next year. He said concerns about US government debt and fiscal sustainability are supporting the cryptocurrency's price.
Sigel also said this rally cycle is unfolding differently from past ones. Bitcoin's volatility is about 50% lower than it was four years ago, he said, while governments facing excessive debt loads are helping underpin the token's resilience.
Institutional demand is also continuing. Based on VanEck's conversations with institutional clients, including investment advisers and sovereign wealth funds, all of them are buying Bitcoin, Sigel said.
As of 3:30 p.m., Bitcoin was trading at $77,473, up 1.37% from a day earlier, according to CoinMarketCap.
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