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Bitcoin is trading just above the $81,000 level as the market waits to see whether the next move will push higher or pull back. Against that backdrop, Matthew Siegel, head of digital asset research at VanEck, reiterated his bullish view on the leading cryptocurrency.
In a Wednesday interview with CNBC, Siegel again pointed to a dramatic upside scenario, saying he expects Bitcoin to potentially reach $1,000,000 within the next five years.
Why Bitcoin May Persist
Siegel compared Bitcoin’s staying power to a familiar arc from the tech world. “It’s going to be like the video game industry.” In the same spirit, Siegel argued that investors do not simply abandon Bitcoin and move on.
“People don’t quit; they also don’t quit Bitcoin.” He added that the market is also being shaped by a larger structural shift, noting that the first central bank has begun buying Bitcoin for its reserves, which he called a “mega trend,” even if it will be “very volatile along the way.”
Siegel also pointed to specific market conditions that he believes are helping support the current momentum. One factor is Bitcoin’s relationship with broader risk assets—particularly technology stocks.
He said Bitcoin’s correlation with the Nasdaq has risen to a five-year high, helping explain why recent gains have appeared alongside a wider macro move. In other words, rather than Bitcoin moving in isolation, it has been trading more like a high-beta asset tied to technology-heavy indices.
Another part of his argument focuses on the derivatives market. Siegel said he sees an absence of froth in derivatives, which he interprets as a sign that the rally is being driven more by short covering than by speculative overexuberance.
Near $3 Million By 2050?
VanEck’s research head has also made an even longer-term projection earlier this year, suggesting Bitcoin could climb to as much as $2.9 million per coin by 2050.
That estimate, Siegel implied, is tied to a valuation framework based on Bitcoin’s potential role across two major markets: as a medium of exchange (MoE) and as a reserve asset for central banks.
Looking ahead to 2050, he predicted that Bitcoin would settle between 5% and 10% of global international trade, while also accounting for 5% of domestic trade transactions.
Siegel further explained that, under a scenario where Bitcoin captures 20% of international trade and 10% of Gross Domestic Product (GDP), the model could produce an extremely high implied value—he said it could rise to $53.4 million per coin.
Featured image created with OpenArt, chart from TradingView.com
