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Matthew Sigel, head of digital assets research at asset manager VanEck, said Bitcoin could reach $100,000 next year.
In an interview with CNBC, Sigel said Bitcoin’s volatility has fallen by about 50% from four years ago, while excessive government debt and persistent fiscal concerns are supporting the price. He added policymakers are unlikely to fix an unsustainable fiscal structure in the short term, and if liquidity conditions ease further, Bitcoin’s uptrend could strengthen. Sigel also said institutions ranging from investment advisory firms to sovereign wealth funds are buying Bitcoin, while the options market is showing a higher premium for put options than for call options. He added short covering tied to the U.S. Treasury’s bond buyback program is also affecting the market.