VanEck Sees $500k Bitcoin Price by 2029, Driven by BITCOIN Act

VanEck has set a new target for Bitcoin's price by 2029 at $500,000. This forecast aligns with its own balance sheet and is part of a broader trajectory where VanEck sees the price climbing to $2.9 million by 2050 in its base scenario.

The strategy behind this prediction involves the BITCOIN Act, which would require the U.S. Treasury to acquire up to one million BTC by 2029. This move alone would account for 4.8% of the total supply of 21 million BTC, placing it in the hands of a single sovereign buyer.

Matthew Sigel, head of digital assets research at VanEck, reaffirmed a target of one million dollars per Bitcoin in the coming years in an interview with CNN. This echoes the $500,000 target for 2029, indicating that VanEck may be viewing this as a cautious reading of its own model.

The shift in institutional demand from corporate treasuries to products like spot Bitcoin ETFs is driving interest and optimistic predictions from VanEck. At least 20 listed companies have reduced or liquidated their Bitcoin treasury strategy since the beginning of the year, under pressure from debt and stock prices.