VanEck forecasts Bitcoin could reach $500,000 by 2029

VanEck has released ambitious long-term price forecasts for Bitcoin, with Matthew Sigel, Head of Digital Asset Research, projecting the cryptocurrency could reach $500,000 by 2029. This target is based on the assumption that Bitcoin continues to follow its historical market cycles, driven by factors such as halving events, reduced new supply, and increasing institutional demand.

Sigel also suggested a shorter-term milestone of $100,000 could be reached as early as 2027. The firm’s bullish outlook is further supported by the potential impact of the BITCOIN Act, a legislative proposal that could require the U.S. Treasury to acquire up to one million bitcoins by 2029. Such a move would represent approximately 4.8% of the total supply.

While spot Bitcoin ETFs continue to absorb supply, VanEck notes a shift in market dynamics, as some corporate treasuries have begun reducing their exposure compared to previous cycles. In its most extreme long-term scenario, VanEck envisions Bitcoin reaching $2.9 million by 2050.