$3 Million Bitcoin Outlook: VanEck Projects Central Banks Will Embrace BTC
In a recent CNBC interview, Matthew Sigel, head of digital assets research at VanEck, discussed bitcoin’s potential rise in light of the upcoming U.S. election.
He noted a correlation between former President Donald Trump’s rising poll numbers and BTC’s price movement, emphasizing that Trump’s pro-crypto stance contrasts with VP Kamala Harris’s silence on the matter. Sigel explained that bitcoin historically shows a negative correlation with the U.S. dollar and a positive correlation with money supply growth, predicting a bullish trend as the election approaches. He highlighted bitcoin’s adaptability and its importance as a non-U.S. asset, linking its relevance to global economic shifts, particularly the growing influence of BRICS nations.
Sigel projected that bitcoin could reach $180,000 following the election, and his model suggests it could eventually become a reserve asset for central banks, driving a $3 million price target by 2050, reflecting a 16% compound annual growth rate over the decades.
Clever Robot News Desk 6th November 2024
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