In a massively bullish estimate, investment management company VanEck projected Bitcoin (CRYPTO: BTC) to hit $3 million in value in 2050.
What happened: During a CNBC interview on Monday, Matthew Sigel, the firm's digital assets head, said that the projection may appear "extreme," but when broken down to a 16% compound annual growth rate over the next two decades, it was reasonable.
Seigel said that the estimate stemmed from the company's belief that Bitcoin would become a global reserve asset, used in global trade and held by central banks at a "modest" 2% weight.
Seigel was asked about Ark Invest CEO Cathie Wood's prediction of the apex cryptocurrency going to $500,000 by 2026, to which he said, "I don't think about them very much."
VanEck had earlier predicted that Bitcoin would reach an all-time high in Q4, driven by political changes and regulatory optimism.
These predictions aligned with Standard Chartered, which anticipates that Bitcoin could reach $73,000 by Election Day on Nov. 5 and potentially surge to $80,000 shortly if Trump secures a victory.
See Also: Satoshi Nakamoto Identity Prediction Market Appears More Volatile Than Bitcoin: Sassaman Dethrones Peter Todd.
Why It Matters: Seigel's comments came even as VanEck noted a "very bullish setup" for Bitcoin going into the upcoming presidential elections.
He said that Trump's rising popularity and surge in odds of his victory were helping drive demand.
Siegel also highlighted the growing interest in Bitcoin in BRICS member countries such as Russia, the UAE, and Ethiopia.
Price Action: Bitcoin broke above $71,000 at midnight, a level not seen since the first week of June, according to data from Benzinga Pro.
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