TREE NEWS reports: VanEck digital assets research head Matthew Sigel said bitcoin is in the early stages of a bull market, with the firm setting a mid-term target of half of gold’s market capitalization, equivalent to about $500,000 per coin. Sigel said bitcoin could reach $3 million by 2050 if it captures a significant share of global energy trade, noting its correlation with gold has hit multi-year highs and spot ETF inflows continue to support the market.
VanEck’s Sigel Says Bitcoin in Early Bull Phase, Eyes $500K Mid-Term
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AI take
The framing here matters more than the target: a $500,000 bitcoin is presented not as a price call but as a market-cap parity exercise against gold, which is a cleaner way to anchor a bull case than cycle analogies. The energy-trade argument extends that logic into a much longer horizon, implicitly treating bitcoin as a settlement asset rather than a speculative one. What is worth watching is whether the gold correlation stays elevated, since that relationship is doing most of the work in this thesis.
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