An analyst from one of the largest asset managers in the field of crypto believes that Bitcoin (BTC) will skyrocket in the coming months.
Matthew Sigel, head of digital asset research at VanEck, say in a new CNBC interview that the election will serve as a major catalyst for the major cryptocurrency.
“The smallest trough-to-peak rally ever for a Bitcoin cycle was 2,000%. If we do half of that, that would be 1,000%, that would be about $180,000.”
Last month, Sigel argued that it would be bullish for Bitcoin regardless of which side wins. The VanEck executive thinks both major candidates – Vice President Kamala Harris and former President Donald Trump – are likely to maintain or increase budget spending, which could lead to further quantitative easing (QE), which has historically been bullish for crypto as investment category.
In his recent CNBC interview, Sigel also outlines VanEck’s long-term forecast for Bitcoin.
“We have a model that assumes that in 2050 Bitcoin will become a reserve asset used in global trade and held by global central banks with a very modest weight of 2%. And in that model we arrive at a price target of $3 million for Bitcoin. That sounds extreme, but that’s a compound annual growth rate of 16% over a few decades. That’s actually not that extreme.”
BTC is trading at $72,310 at the time of writing and is up almost 4% in the last 24 hours.
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