VanEck Says Bitcoin Is in Early Bull-Market Stage, Sees $500,000 Target

Bitcoin is in the early stage of a bull market and could rise to $500,000 over the medium term, according to Matthew Sigel, VanEck’s head of digital-asset research.Odaily reported on October 3 that Sigel described Bitcoin as being in the early phase of a bull market and set a medium-term goal of its market capitalization reaching half that of gold.That would imply a price of about $500,000 per Bitcoin. Bitcoin’s correlation with gold has climbed to its highest level in years, while continued institutional inflows through spot exchange-traded funds are supporting the market, he said.Over the longer term, Sigel also raised the possibility that Bitcoin could become a major means of payment in global energy trade. If Bitcoin accounts for a substantial share of global energy commerce by 2050, its price could rise to $3 million, he said.