VanEck Sees $500K Bitcoin by 2029 on Treasury Accumulation Plans

VanEck, a prominent traditional asset manager in the crypto space, has set its sights on a $500,000 Bitcoin price target for 2029. This ambitious forecast is part of a broader thesis that connects Bitcoin's price trajectory to potential US Treasury actions and growing institutional adoption.

The projection is based on VanEck's assumption that the US Treasury will acquire up to 1 million BTC by 2029, roughly 4.8% of Bitcoin's total supply cap, under the proposed BITCOIN Act of 2024. This move would create a self-reinforcing demand cycle, with government purchases pushing the price higher and validating the thesis.

VanEck's Matthew Sigel has been even more aggressive in shorter-term commentary, reaffirming a $1 million price target for Bitcoin within the next several years. However, this forecast assumes the BITCOIN Act is enacted, which may not be the case. If it stalls or if political winds shift against crypto-friendly policy, VanEck's forecast loses one of its key structural supports.