VanEck Says Bitcoin Is in Early Bull-Market Stage, Sees $500,000 Target
Summary
- Matthew Sigel said Bitcoin is in the early stage of a bull market and could rise to $500,000 over the medium term.
- Sigel said Bitcoin’s market capitalization could grow to half of gold’s market capitalization and that institutional inflows through spot ETFs are supporting the market.
- Sigel said Bitcoin could rise to $3 million by 2050 if it accounts for a substantial share of global energy trade.
Forecast Trend Report by Period
Bitcoin is in the early stage of a bull market and could rise to $500,000 over the medium term, according to Matthew Sigel, VanEck’s head of digital-asset research.
Odaily reported on October 3 that Sigel described Bitcoin as being in the early phase of a bull market and set a medium-term goal of its market capitalization reaching half that of gold.
That would imply a price of about $500,000 per Bitcoin. Bitcoin’s correlation with gold has climbed to its highest level in years, while continued institutional inflows through spot exchange-traded funds are supporting the market, he said.
Over the longer term, Sigel also raised the possibility that Bitcoin could become a major means of payment in global energy trade. If Bitcoin accounts for a substantial share of global energy commerce by 2050, its price could rise to $3 million, he said.
Uk Jin
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