Matthew Sigel, who leads digital asset research at VanEck, shared his outlook for the future of crypto on CNBC’s Halftime Report. He believes that Bitcoin (BTC-USD) is on a path to hit a massive milestone, though investors should prepare for a bumpy ride. This forecast suggests that the value of a single Bitcoin could grow more than 12 times its current price of roughly $81,000.
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Sigel Links Bitcoin Adoption to the Gaming Industry
The researcher explained that the way people adopt Bitcoin is very similar to how video games became popular. In the past, only a small group of people cared about the technology, but now it is becoming part of everyday life for everyone.
Sigel said: “When you look at the demographic trends and the intentions of young investors to allocate to Bitcoin. It’s going to be like the video game industry, where 30 years ago it was just kids playing video games, now Elon Musk plays video games. People don’t quit; they also don’t quit Bitcoin. We have the first central bank buying Bitcoin for its reserves, so this is a mega trend, but it will be very volatile along the way.”
Bitcoin Mirrors the Tech Market Rally
The current rise in price seems to be following the same patterns as big technology stocks. Sigel noted that Bitcoin is moving very closely with the Nasdaq index, reaching a five-year high in how much their prices influence each other. He also mentioned that the market does not show signs of being overheated right now. Instead, the growth is mostly coming from investors who are covering their previous bets against the coin. He explained: “We think this asset is going to reach $1 million over the next several years, but it’s a very cyclical asset. There are no bailouts in bitcoin, so it’s going to be cycles along the way.”
Experts Predict a Seven-Figure Future for Bitcoin
VanEck is not alone in its belief that a massive price jump is coming. Ark Invest founder Cathie Wood has set a highly bullish long-term prediction for Bitcoin, projecting it will reach $1.5 million by 2030. Other industry leaders, such as Matt Hougan from Bitwise and Samson Mow from Jan3, have shared similar goals for the asset.
Even though Bitcoin’s price would need to pass its old record of $126,000 and keep climbing to reach $1 million, these experts believe the long-term trend is undeniable. They suggest that as more big institutions and central banks start holding the coin, the limited supply will drive the price to levels that once seemed impossible.
At the time of writing, Bitcoin’s price is sitting at $80,814.89.
