Bitcoin Can 'Hit' $500,000 by 2029, Says VanEck's Matthew Sigel Provided the Cycle 'Plays Out as Usual'

VanEck’s Head of Digital Asset Research Matthew Sigel reiterated on Thursday his $100,000 Bitcoin (CRYPTO: BTC) price target for 2027, adding that $500,000 by 2029 is also plausible if the cycle “plays out as usual.”

Sigel Says BTC Surge Tied to Treasury Moves

During an interview with CNBC, Sigel said that Bitcoin’s ongoing surge is not linked to the CLARITY Act, but entirely linked to the Treasury Department’s announcement that it would double its long-term bond buybacks.

Traders immediately read the move as inflationary and bullish for hard assets, sending yields lower and the dollar index lower.

“It is reigniting these fears of fiscal dominance,” Sigel said. “As the Treasury finances more of that debt on the short end, it hits the fiscal balance immediately. It makes keeping rates high increasingly expensive.”

Sigel said that the announcement has led the market to prIce in a “structurally weaker dollar, and Bitcoin is “one of the best hedges” for that dynamic.

Sigel Predicts $500,000 for Bitcoin in 2029

When asked to comment on Bitcoin’s next moves, Sigel said he’s confident the cryptocurrency will hit $100,000 next year.

“It feels like if we get the real money stepping in, maybe we’ll go higher,” he added. “Long term, 2029, say we can hit $500,000 if the cycle plays out as usual.”