VanEck’s head of digital assets research, Matthew Sigel, said Bitcoin remains in the early stage of a bull market. He said the firm sees a market capitalization equal to half of gold’s value, or roughly $500,000 per BTC, as a medium-term target. Sigel also said Bitcoin could reach $3 million by 2050 if it captures a meaningful share of global energy trade. He pointed to Bitcoin’s correlation with gold climbing to a multi-year high and said continued inflows from institutional investors through spot ETFs and similar channels are supporting the market. He also noted that the value of power resources, mining machines and energy contracts held by Bitcoin mining companies has increased.
VanEck head of digital assets research Matthew Sigel said Bitcoin is in the early stage of a bull market, according to Odaily.
Sigel said VanEck views a Bitcoin market capitalization equal to half of gold’s market value, or about $500,000 per coin, as a medium-term target.
He added that Bitcoin could reach $3 million by 2050 if it takes an important share of global energy trade.
Sigel also said Bitcoin’s correlation with gold has risen to a multi-year high. Continued institutional inflows through spot exchange-traded funds and other channels are providing support to the market. In addition, he said the value of power resources, mining equipment and energy contracts held by Bitcoin miners has been rising.
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