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

PANews reported on October 3 that, according to analysis by Matthew Sigel, head of digital assets research at investment management firm VanEck, Bitcoin is currently in the early stages of a bull market with strong market performance. VanEck has set Bitcoin reaching half of gold's market capitalization (roughly $500,000) as a medium-term target, and believes that over the long term, if Bitcoin can capture a significant share of global energy trade, its price could reach $3 million by 2050.

Sigel noted that Bitcoin's correlation with gold has reached a multi-year high, and that continued inflows from institutional investors through channels such as spot ETFs are providing support for the market. In addition, because Bitcoin miners hold scarce power resources in the AI economy, the value of their mining equipment and energy contracts has risen significantly, offering new opportunities for investors. On the quantum computing risk that the market is watching, Sigel said that although this is an issue that needs to be addressed, the community has already begun to take it seriously and respond proactively, and it does not constitute a reason to sell Bitcoin.