VanEck's Matthew Sigel Predicts Bitcoin Could Hit $180,000 Amid Institutional Interest and Government Support

Matthew Sigel, the Head of Digital Assets Research at VanEck, recently shared an exciting prediction. He believes Bitcoin (BTC/USD) could reach $180,000 in this market cycle. This forecast is based on strong government support and rising interest from institutional investors.

As Bitcoin recently surged past $93,000, Sigel expressed optimism. He stated, “We think it’s just getting started.” The current administration’s pro-Bitcoin stance has opened up what he calls “blue sky territory” for potential gains.

Looking back, Sigel noted that Bitcoin doubled in price between the 2020 election and the end of that year. He expects similar momentum in the coming months. His target of $180,000 would represent a 1,000% return from its lowest point.

Institutional interest is also on the rise. Sigel observed a growing number of inquiries from investment advisors looking to get involved with Bitcoin. He remarked, “The number of calls... is starting to accelerate, and we think the flows are going to follow.”

VanEck monitors several indicators, and Sigel mentioned that these are “still flashing green.” He pointed to Google search activity and app store rankings as signs of public interest. Both remain below their 2020 peaks, suggesting there’s still room for growth.

Sigel believes this cycle benefits from favorable policies. He noted that the current cabinet increasingly aligns with Bitcoin interests. If regulatory actions shift, like the potential departure of SEC Chair Gary Gensler, the market could see significant impacts. He commented, “When you stop suing people for breaking rules that have never been written down… that’s a long way of saying that regulation by enforcement is going to end.”

There’s also a trend of crypto firms planning to set up shop in the U.S. Sigel attributes this to economic policies that support job creation and GDP growth.

To learn more about the future of Bitcoin and digital assets, don’t miss Sigel at Benzinga’s Future of Digital Assets conference on November 19.