Odaily Planet Daily News: VanEck’s Head of Digital Asset Research Matthew Sigel said Bitcoin is in the early stages of a bull market. VanEck considers a mid-term target to be Bitcoin’s market cap reaching half that of gold, corresponding to a price of about $500,000. It believes that if Bitcoin can take a significant share of global energy trading by 2050, its price could reach $3 million.
Sigel noted that the correlation between Bitcoin and gold has reached the highest level in years. Ongoing inflows to the market from institutional investors through channels such as spot ETFs provide support. In addition, the value of electricity resources, mining equipment, and energy contracts held by Bitcoin mining companies has increased.
Sigel noted that the correlation between Bitcoin and gold has reached the highest level in years. Ongoing inflows to the market from institutional investors through channels such as spot ETFs provide support. In addition, the value of electricity resources, mining equipment, and energy contracts held by Bitcoin mining companies has increased.