VanEck: Bitcoin Is in the Early Stages of a Bull Market, Long-Term Target Benchmarked Against Gold's Market Cap

Odaily reports that Matthew Sigel, Head of Digital Asset Research at VanEck, stated that Bitcoin is in the early stages of a bull market. VanEck views Bitcoin reaching half of gold's market capitalization — corresponding to a price of approximately $500,000 — as its medium-term target. Sigel believes that if Bitcoin can capture a significant share of global energy trade by 2050, its price could potentially reach $3 million.

Sigel noted that Bitcoin's correlation with gold has reached multi-year highs, with sustained inflows from institutional investors through spot ETFs and other channels providing support to the market. Additionally, the value of power resources, mining equipment, and energy contracts held by Bitcoin mining companies is on the rise.