VanEck Research Director: Bitcoin is expected to reach $3 million by 2050

Odaily reports that Matthew Sigel, Head of Digital Asset Research at VanEck, recently stated that the perpetual futures contract funding rate has remained above 10% for over two months, "which usually indicates excessive speculation in the market." He added that "this indicator has just exceeded 10%, but it has only been a few weeks." Sigel also said that a relative unrealized profit reaching 0.7 or higher suggests an impending market downturn, and "we have just reached the 0.6 level. Generally speaking, the forward returns are still quite good, and when we reach the 0.7 level, we may be closer to making the best judgment (on BTC price forecast)." Sigel also mentioned that he expects Bitcoin's price to reach $3 million by 2050. If President-elect Trump fulfills his promise to establish a "strategic reserve" of Bitcoins, the price could be even higher. If the US purchases 1 million Bitcoins during Trump's second term and the price of Bitcoin appreciates by an average of 25% per year by 2050, each Bitcoin could be worth $42 million. However, Sigel noted that this growth rate is unlikely to be achieved and believes that "the adoption of Bitcoin by nations is crucial for pushing Bitcoin's valuation into the millions of dollars."