Matthew Sigel, VanEck’s Head of Digital Assets Research, has projected that Bitcoin (BTC) could reach $1 million per coin.
Sigel made the comments on CNBC’s Halftime Report. He described the path as cyclical and warned of significant volatility along the way.
VanEck Sees $1 Million Bitcoin in 5 Years
During the show, Sigel compared Bitcoin’s trajectory to that of the video game industry’s, where adoption, once limited to children, now spans every age group.
“When you look at the demographic trends and the intentions of young investors to allocate to Bitcoin. 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,” he said. “People don’t quit; they also don’t quit bitcoin. 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.”
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When asked about the timeline for Bitcoin reaching $1 million, Sigel said the milestone could be achieved within the next several years, possibly in about 5 years.
He said a continued rise in Bitcoin remains VanEck’s base-case scenario. However, Sigel added that the asset’s trajectory will remain cyclical.
“We think this asset is going to reach $1 million over the next several years, but it’s a very cyclical asset. There are no bailouts in bitcoin, so it’s going to be cycles along the way,” the executive mentioned.
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Meanwhile, commenting on Bitcoin’s near-term price action, Sigel said the cryptocurrency’s correlation with the Nasdaq has reached its highest level in five years, suggesting the current rally is largely driven by broader macroeconomic trends.
He noted that the firm’s conviction at current levels stems from the fact that there’s no “froth in the derivatives market.” According to him, the rally still appears to be fueled primarily by short covering, indicating that overall market positioning remains relatively bearish. He added that this setup continues to support a constructive outlook for Bitcoin.
Sigel’s projection aligns .
Bitcoin would need to climb more than 12-fold to validate the $1 million target. At press time, the asset traded at $81,042, down nearly 0.30% over the past day. Even reclaiming its October 2025 record of over $126,000 would cover only a fraction of that distance.
