An analyst from one of the biggest asset managers in crypto thinks Bitcoin (BTC) is primed to surge in the coming months.
Matthew Sigel, the head of digital assets research at VanEck, says in a new CNBC interview that the election will serve as a major catalyst for the top crypto asset.
“The smallest-ever trough-to-peak rally for a Bitcoin cycle was 2,000%. If we do half of that, that would be 1,000%, that would be roughly $180,000.”
Last month, Sigel argued that it would be bullish for Bitcoin regardless of which party wins. The VanEck executive thinks both major candidates – Vice President Kamala Harris and former President Donald Trump – would likely maintain fiscal spending or increase it, which could lead to further quantitative easing (QE), which has historically been bullish for crypto as an asset class.
In his recent CNBC interview, Sigel also outlines VanEck’s long-term prediction for Bitcoin.
“We have a model that assumes that by 2050… Bitcoin becomes a reserve asset that’s used in global trade and held by global central banks at a very modest 2% weight. And in that model, we arrive at a $3 million price target for Bitcoin. Now, that sounds extreme, but that’s a 16% compound annual growth rate for a couple of decades. That’s not really that extreme.”
BTC is trading at $72,310 at time of writing and is up nearly 4% in the past 24 hours.
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