VanEck’s Head of Digital Assets Research Matthew Sigel told CNBC on Wednesday that bitcoin could reach $1 million within five years.
The video game comparison
When pressed on his rationale, Sigel drew a striking parallel to the gaming industry:
“It’s going to be like the video game industry, where 30 years ago it was just kids playing video games, now Elon Musk plays video games. People don’t quit; they also don’t quit bitcoin.”
He pointed to demographic trends and the intentions of young investors to allocate to bitcoin as key drivers, suggesting adoption follows a similar arc — a niche activity that gradually spans all age groups.
On the timeline, Sigel was direct:
“Half a decade, I think is possible. When you look at the demographic trends and the intentions of young investors to allocate to Bitcoin.”
A growing chorus of $1M calls
Sigel is not alone in the prediction.
Last month, Bitwise CIO Matt Hougan also called for bitcoin reaching $1 million, and on the same day as Sigel’s interview, Eric Trump echoed the same target.
In 2024, VanEck CEO Jan Van Eck had set a more conservative target of $300,000.
Central bank buying as a mega-trend
Sigel also highlighted what he called a structural shift in the market, noting the first central bank bitcoin reserve purchase as a landmark event:
“We have the first central bank buying bitcoin for its reserves, so this is a mega trend, but it will be very volatile along the way.”
