Matthew Sigel, head of digital assets research at investment management firm VanEck, said Bitcoin is already in the early phase of a bull market and continues to show strong performance. He said VanEck sees a medium-term target of about $500,000 for Bitcoin, based on a scenario in which Bitcoin’s market capitalization reaches half that of gold. Looking much further out, Sigel said Bitcoin could rise to $3 million by 2050 if it captures a meaningful role in global energy trade. He also pointed to a multi-year high in Bitcoin’s correlation with gold and said ongoing inflows from institutional investors through spot exchange-traded funds, or ETFs, have supported the market. On the mining side, Sigel said Bitcoin miners hold scarce power resources that have become more valuable in the AI economy, lifting the value of mining machines and energy contracts. Addressing concerns around quantum computing, he said the issue needs to be solved, but the community has already begun to take it seriously and work on responses, which in his view is not a reason to sell Bitcoin now.
According to ChainCatcher, Matthew Sigel, head of digital assets research at investment management firm VanEck, said Bitcoin is already in the early stage of a bull market and that market performance remains strong.
VanEck sets a medium-term target of about $500,000 for Bitcoin, based on the idea that its market capitalization could reach half of gold’s market value. Sigel also said that over the long run, Bitcoin could climb to $3 million by 2050 if it takes an important share of global energy trade.
He said Bitcoin’s correlation with gold has reached a multi-year high, while continued institutional inflows through channels such as spot ETFs have provided support for the market.
Sigel also said Bitcoin mining companies are gaining value because they control scarce power resources that are in demand in the AI economy. In his view, that has significantly increased the value of mining equipment and energy contracts, creating new opportunities for investors.
On the quantum computing risk that has drawn market attention, Sigel said it is still a problem that needs to be addressed. At the same time, he said the community has already started to take the issue seriously and respond to it, so it does not constitute a reason to sell Bitcoin at this stage.
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