\u201cPeople don\u2019t quit; they also don\u2019t quit Bitcoin.\u201d He added that the market is also being shaped by a larger structural shift, noting that the first central bank has begun buying Bitcoin for its reserves, which he called a \u201cmega trend,\u201d even if it will be \u201cvery volatile along the way.\u201d<\/p>\n
Siegel also pointed to specific market conditions that he believes are helping support the current momentum. One factor is Bitcoin\u2019s relationship with broader risk assets\u2014particularly technology stocks.\u00a0<\/p>\n
He said Bitcoin\u2019s correlation with the Nasdaq has risen to a five-year high, helping explain why recent gains have appeared alongside a wider macro move. In other words, rather than Bitcoin moving in isolation, it has been trading more like a high-beta asset tied to technology-heavy indices.<\/p>\n
Another part of his argument focuses on the derivatives market. Siegel said he sees an absence of froth in derivatives, which he interprets as a sign that the rally is being driven more by short covering than by speculative overexuberance.\u00a0<\/p>\n
Near $3 Million By 2050?<\/h2>\n
VanEck\u2019s research head has also made an even longer-term projection earlier this year, suggesting Bitcoin could climb to as much as $2.9 million per coin by 2050.\u00a0<\/p>\n
That estimate, Siegel implied, is tied to a valuation framework based on Bitcoin\u2019s potential role across two major markets: as a medium of exchange (MoE) and as a reserve asset for central banks.\u00a0<\/p>\n
Looking ahead to 2050, he predicted that Bitcoin would settle between 5% and 10% of global international trade, while also accounting for 5% of domestic trade transactions.<\/p>\n
Siegel further explained that, under a scenario where Bitcoin captures 20% of international trade and 10% of Gross Domestic Product (GDP), the model could produce an extremely high implied value\u2014he said it could rise to $53.4 million per coin.\u00a0<\/p>\n
<\/p>\n
Featured image created with OpenArt, chart from TradingView.com\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is trading just above the $81,000 level as the market waits to see whether the next move will push higher or pull back. Against that backdrop, Matthew Siegel, head of digital asset research at VanEck, reiterated his bullish view on the leading cryptocurrency.\u00a0 In a Wednesday interview with CNBC, Siegel again pointed to a…<\/p>\n","protected":false},"author":1,"featured_media":11516,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[199],"tags":[65,5284,111,108,4084,248,200,73,112,113,71,115,5285],"class_list":["post-11515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news-ticker","tag-bitcoin","tag-bitcoin-1-million","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-news","tag-bitcoin-price-prediction","tag-breaking-news-ticker","tag-btc","tag-btc-news","tag-btc-price","tag-btcusdt","tag-crypto-news","tag-vaneck-bitcoin"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/11515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=11515"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/11515\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/11516"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=11515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=11515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=11515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}