Bitcoin at $350,000 with $500 billion in ETFs? "It doesn't seem exaggerated"

A #Bitcoin will be worth more than $350,000 by the end of the decade. Meanwhile, #Ethereum could be priced at $22,000.

That's according to Matthew Sigel, head of digital asset research at VanEck, an investment firm with $90 billion in assets under management.

Sigel told DL News that in this scenario, cryptocurrency exchange-traded funds could end up hoovering up $500 billion in assets over the next five years.

"It doesn't seem far-fetched," Sigel said.

Since January alone, Bitcoin ETFs have accumulated a record $60 billion in assets.

But the funds may just be getting started.

“Bitcoin is likely to exceed $350,000 by 2030” due to changing political winds and increased adoption among young people, Sigel told DL News.

“Election after election, this year ended with the victory of the most pro-crypto candidate,” Sigel said, adding that, in the short term, investors will try to get ahead of a possible second Trump presidency by buying Bitcoin through November.

To reach Sigel's $350,000 target, Bitcoin would need to rise approximately 400% from its current price. That means the $60 billion already held in ETFs would increase to $300 billion with value appreciation alone.

That's not counting new flows, which Sigel estimated would reach $10 billion a year.

As for Ethereum, Sigel predicted that the yet-to-be-launched spot ETFs will attract $15 billion over a six-month period, and then around $5 billion a year in new flows.

But Sigel estimated that the price of Ether could reach $22,000, which would increase the value of the ETF's assets.

In total, crypto funds could end up with assets worth $500 billion across products.

#BTC☀ #eth