Bitcoin Could Reach $500K in Medium Term, VanEck Researcher Predicts

VanEck's head of digital-asset research, Matthew Sigel, predicts that Bitcoin is in the early stage of a bull market and could rise to $500,000 over the medium term.

Sigel believes that if Bitcoin reaches half of gold's market capitalization, its price would be around $500,000 per coin. The correlation between Bitcoin and gold has increased to its highest level in years, and institutional inflows through spot exchange-traded funds are supporting the market.

In the longer term, Sigel sees a possibility that Bitcoin could become a major means of payment in global energy trade. If Bitcoin accounts for a substantial share of global energy commerce by 2050, its price could rise to $3 million, according to Sigel's forecast.