Matthew Sigel, the head of digital assets research at VanEck, believes that Bitcoin (BTC) is poised for a significant surge in the coming months. In a recent CNBC interview, Sigel stated that the upcoming election will act as a major catalyst for the top cryptocurrency.
Sigel pointed out that the smallest-ever trough-to-peak rally for a Bitcoin cycle was 2,000%. Even if Bitcoin achieves half of that, which is 1,000%, it would reach a value of approximately $180,000. Last month, Sigel expressed his bullish stance on Bitcoin, irrespective of which party wins the election. He believes that both Vice President Kamala Harris and former President Donald Trump would likely continue or increase fiscal spending, leading to further quantitative easing (QE). Historically, QE has had a positive impact on cryptocurrencies as an asset class.
Sigel also shared VanEck’s long-term prediction for Bitcoin. According to their model, by 2050, Bitcoin could become a reserve asset used in global trade and held by global central banks with a modest 2% weight. In this scenario, Bitcoin could reach a price target of $3 million. While this may sound extreme, Sigel clarified that it would only require a 16% compound annual growth rate over a couple of decades, which is not particularly extreme.
At the time of writing, BTC is trading at $72,310, with a nearly 4% increase in the past 24 hours. Investors are advised to conduct their own due diligence before making any high-risk investments in Bitcoin or other digital assets. The Daily Hodl, where this article was originally published, does not provide investment advice or act as an investment advisor.
