- Matthew Sigel, VanEck’s head of digital assets, remains optimistic about Bitcoin, comparing its adoption to the video game industry’s growth.
- He predicts a significant rise in Bitcoin’s value post-US election, potentially reaching US$180k based on a 1000% increase over the cycle.
- VanEck, exploring beyond Bitcoin, has also filed for a Spot Solana ETF in the US, though approval chances are currently slim.
Comments from VanEck have been rather pro-crypto in recent times and the latest interview by Matthew Sigel, their head of digital assets research, is no exception. Speaking to CNBC’s Squawk Box, the self-proclaimed recovering CFA compared Bitcoin adoption to that of the video game industry.
Sigel said “new users are born every day” and those older users with a lack of understanding slowly disappear over time. Gamers also don’t stop playing as they grow older, and investors don’t stop investing, he added.
The interesting thing about Gamers is that they don’t stop playing in their 50s (case in point, Elon Musk). Well, they certainly don’t stop investing!
Matthew Sigel, VanEckThis continual inflow of new buyers, paired with a positive US election outlook, makes for a “very bullish setup” for Bitcoin, according to Sigel. He also lamented the lack of any mention of Bitcoin or crypto by Vice President Kamala Harris.
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Sigel: Bitcoin at 180,000 USD Post Election (At Least)
VanEck has a long-term valuation of Bitcoin that sees the coin becoming a reserve asset and the price rise to US$3 million (AU$4.55 million) by 2050.
We do have a long-term model that assumes Bitcoin could become a reserve asset by 2050, held by central banks and used in global trade.
Matthew Sigel, VanEckBut 2050 is over 25 years away, and most of us don’t want to wait that long to buy that Lambo. Sigel has a prediction for that too.
He believes post-election (likely based on the assumption of a Trump win, though he didn’t explicitly reiterate) Bitcoin is likely to reach US$180k (AU$273.4k).
This is based on BTC going up 1000% overall this cycle, which is a conservative bet according to Sigel, and it’s about half of the “smallest ever trough to peak rally”.
VanEck Ventures Into Altcoin Territory
VanEck, who launched a Spot Bitcoin exchange-traded fund (ETF) in Australia in March 2024, is also eying other cryptos. Earlier this year, the American investment management firm filed for a Spot Solana ETF in the United States, though some analysts believe this is a long shot.
James Seyffart, Bloomberg ETF analyst, believes the lack of a futures fund is one of the main obstacles for a Solana spot fund.
Related: Study Finds 1.5 million Australian Crypto Owners Confused Over Tax Time
The problem is, there’s just nothing that’s lined up for this to be approved. This is largely a long-shot filing.
James Seyffart, BloombergSeyffart added that a change in US leadership could potentially see the ETF approved. Trump had already promised to relieve SEC Chief Gary Gensler of his duties on his first day in office.
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