VanEck Sees $100K Bitcoin Target as US Debt Concerns Fuel Rally

Global asset manager VanEck believes Bitcoin could reach $100,000 next year. According to Matthew Sigel, VanEck's head of digital assets research, concerns about US government debt and fiscal sustainability are supporting the cryptocurrency's price.

Sigel pointed out that this rally cycle is unfolding differently from past ones, with Bitcoin's volatility being approximately 50% lower than it was four years ago. Governments facing excessive debt loads are helping underpin the token's resilience, he added.

Institutional demand for Bitcoin continues to rise, as per VanEck's conversations with institutional clients, including investment advisers and sovereign wealth funds. All of them are buying Bitcoin, Sigel said.