Odaily Planet Daily News: VanEck's Head of Digital Assets Research, Matthew Sigel, recently stated that the funding rate of perpetual futures contracts has remained above 10% for over two months, which "usually indicates excessive speculation in the market." Just recently, this indicator has exceeded 10%, but only a few weeks have passed. He continued to say that a relative unrealized profit reaching 0.7 or higher indicates that the market is about to decline, "We just reached a level of 0.6. Generally speaking, forward returns are still quite decent, and when we reach a level of 0.7, we may be closer to making the best judgment (on BTC price predictions)." Sigel also mentioned that he expects the price of Bitcoin to reach $3 million by 2050. If President Trump, if elected, fulfills his promise to establish a national "strategic reserve" of Bitcoin, its price could be even higher. If the U.S. buys 1 million Bitcoins during Trump's second term of four years, and by 2050, the price of Bitcoin appreciates at an average rate of 25% per year, then the value of each Bitcoin could reach $42 million. However, Sigel pointed out that such a growth rate is unlikely to be achieved and believes that "national adoption of Bitcoin is crucial to pushing Bitcoin's valuation into the millions." (DL News)

#BTC