Bitcoin Could Hit $500K by 2029: VanEck's Sigel Predicts

VanEck's Head of Digital Asset Research Matthew Sigel believes Bitcoin could reach $500,000 by 2029 if the cryptocurrency market cycle plays out as usual. In an interview with CNBC, Sigel stated that the ongoing surge in Bitcoin prices is not linked to the CLARITY Act but rather the Treasury Department's announcement of doubling its long-term bond buybacks.

Sigel said this move has reignited fears of fiscal dominance and sent yields lower, making a structurally weaker dollar. He added that Bitcoin is one of the best hedges for this dynamic, as it allows investors to protect against inflationary pressures.

When asked about his predictions for Bitcoin's future performance, Sigel reiterated his $100,000 price target for 2027 and stated that reaching $500,000 by 2029 is plausible. He attributed this potential growth to the possibility of real money entering the market, which could drive prices higher.