CandleFocus $3M Bitcoin Forecast: Vaneck's Model Sees Central Bank BTC Adoption
2024-11-05
Author: Content Editor
According to asset manager Vaneck, Bitcoin has the potential to reach $3 million as a reserve asset held by global central banks. Matthew Sigel, head of digital assets research at Vaneck, believes that Bitcoin's recent rise is influenced by the upcoming U.S. election. Sigel suggests a correlation between former President Trump's popularity and Bitcoin's price movement. He also notes that Bitcoin has a negative correlation with the U.S. dollar and a positive correlation with money supply growth. Sigel predicts that once the election is finalized and Moody's downgrades U.S. sovereign debt, Bitcoin could experience a rally. He highlights Bitcoin's adaptability and growing importance as a non-U.S. and Emerging Markets asset. Sigel projects that Bitcoin could reach $180,000 following the election and eventually become a reserve asset held by global central banks, with a projected price target of $3 million by 2050.
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