Big Predictions for Bitcoin
Matthew Sigel, a top analyst at VanEck, a major crypto asset manager, thinks Bitcoin (BTC) is about to skyrocket. He believes the upcoming election will be a huge boost for the cryptocurrency.
“The smallest Bitcoin rally ever went up by 2,000%. If we see half of that, that would be a 1,000% increase, which means Bitcoin could reach $180,000,” Sigel said in a recent interview.
Sigel thinks both candidates, Kamala Harris and Donald Trump, would likely keep or even increase government spending. This could lead to more “quantitative easing” (QE), which has historically been good for cryptocurrencies.
Bitcoin’s Long-Term Potential
Sigel also shared VanEck’s long-term vision for Bitcoin.
“We have a model that predicts Bitcoin becoming a global reserve asset used in international trade and held by central banks. If it reaches just 2% of their holdings, Bitcoin could be worth $3 million by 2050. That might sound crazy, but it’s only a 16% annual growth rate over two decades, which isn’t that extreme.”
Bitcoin is currently trading at around $72,310 and has increased by nearly 4% in the past 24 hours.
