Analysts at the crypto industry's largest asset management firm believe that Bitcoin (BTC) will skyrocket in the coming months.
Matthew Siegel, head of digital asset research at VanEck, said in a new interview with CNBC that this election will be a big catalyst for top crypto assets.
“The smallest increase in history from the trough to the top of the Bitcoin cycle was 2,000%. Doing half that, or 1,000%, would be roughly $180,000.”
Siegel argued last month that whoever wins would be bullish for Bitcoin. VanEck executives said the leading candidates, Vice President Kamala Harris and former President Donald Trump, are likely to maintain or even increase fiscal spending, which has historically been an asset class. We believe that this may lead to further quantitative easing (QE), which was bullish on cryptocurrencies.
Siegel also outlined Van Eck's long-term predictions for Bitcoin in a recent CNBC interview.
“We have a model that assumes that by 2050…Bitcoin will be a reserve asset used in global trade, held by the world's central banks in a very conservative 2% weighting, and that The model puts Bitcoin's target price at $3 million, which may sound extreme, but it corresponds to a multi-decade compound annual growth rate of 16%. It's actually not that extreme. .”
BTC is trading at $72,310 at the time of writing, up nearly 4% in the past 24 hours.
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