Bitcoin Price Could Hit $500,000 by 2029, Says VanEck Researcher

VanEck's Head of Digital Asset Research Matthew Sigel believes that Bitcoin (BTC) could reach $500,000 by 2029 if its price cycle plays out as usual. This prediction comes after he reiterated his previous target of $100,000 for BTC in 2027.

Sigel linked the recent surge in Bitcoin's price to the Treasury Department's announcement that it would double its long-term bond buybacks. He stated that traders immediately read this move as inflationary and bullish for hard assets, sending yields lower and the dollar index lower.

According to Sigel, the market is pricing in a 'structurally weaker dollar,' and Bitcoin is one of the best hedges against this dynamic. When asked about Bitcoin's next moves, Sigel expressed confidence that it will hit $100,000 next year, saying, 'It feels like if we get the real money stepping in, maybe we'll go higher.'