Sigels $500k Bitcoin Target Set for 2029 Amid Weakening Dollar

VanEck's Head of Digital Asset Research Matthew Sigel is sticking to his Bitcoin price targets. He reiterated that $100,000 for BTC by 2027 is possible, and he added that a $500,000 price tag in 2029 isn't out of the question if 'the cycle plays out as usual'. The cycle refers to the typical pattern of cryptocurrency market movements.

Sigel attributes Bitcoin's current surge to the Treasury Department's decision to double its long-term bond buybacks. This move is seen as inflationary and bullish for hard assets, sending yields lower and the dollar index lower. Sigel believes that this announcement has reignited fears of fiscal dominance, making a structurally weaker dollar more likely.

BTC's price surged past $75,000 on Thursday, and Sigel says that it's one of the best hedges for a weakening dollar. He notes that if 'real money' steps in, Bitcoin could go even higher than his target. However, he emphasizes that this is all contingent on the typical cycle playing out as usual.