$3M Bitcoin Forecast: Vaneck’s Model Sees Central Bank BTC Adoption
Asset manager Vaneck has predicted that Bitcoin could reach $3 million, driven by its potential as a reserve asset held by global central banks. Matthew Sigel, head of digital assets research at Vaneck, highlighted the upcoming U.S. election as a major influence on Bitcoin’s recent rise. Sigel suggested a potential correlation between former President Donald Trump’s rising polling numbers and BTC’s price movement, stating that Trump is seen as more pro-crypto than Vice President Kamala Harris. Sigel also noted that Bitcoin has a negative correlation with the U.S. dollar and a positive correlation with money supply growth. He believes that BTC’s adaptability, coupled with global events and its standing as a non-U.S. and Emerging Markets asset, will continue to drive its importance. Sigel projected that BTC could reach $180,000 following the election and revealed a model that assumes Bitcoin becomes a reserve asset held by global central banks, resulting in a $3 million price target for the cryptocurrency. While this target may seem extreme, Sigel argued that it represents a manageable compound annual growth rate over a couple of decades. Overall, Vaneck’s outlook suggests a bullish future for Bitcoin as it gains recognition and adoption from central banks worldwide.