VanEck: Bitcoin May Rise to $100,000 Next Year

Matthew Sigel, head of digital asset research at VanEck, predicts that Bitcoin could rise to $100,000 next year, supported by concerns over government debt and fiscal sustainability. Bitcoin's volatility has decreased by about 50% compared to four years ago, indicating a significant difference between this cycle and the previous one. Governments are currently facing excessive debt issues, allowing Bitcoin to maintain its resilience. Sigel points out that the prices of put options are significantly higher than those of call options, and the U.S. Treasury's repurchase program has led to substantial short covering, making the current time window favorable for Bitcoin bulls. Policymakers are unlikely to resolve unsustainable fiscal conditions, and if market liquidity continues to ease, it will provide stronger momentum for Bitcoin. Communication between VanEck and institutional clients such as investment advisors and sovereign wealth funds shows that these institutions are all buying Bitcoin. Meanwhile, VanEck expects the stablecoin market to continue to grow, despite stablecoin regulation becoming law through the "GENIUS Act," as banking lobby groups still attempt to renegotiate related arrangements. The U.S. Senate has failed to advance the "CLARITY Act," which aims to establish a regulatory framework for crypto assets and market structure.

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