VanEck Head of Digital Assets Research Matthew Sigel states Bitcoin is in the early stages of a bull market, setting a medium-term price target of $500,000 based on reaching half of gold's market capitalization. Long-term projections suggest Bitcoin could reach $3 million by 2050 if it captures a significant share of global energy trade. Sigel notes that Bitcoin’s correlation with gold has hit a multi-year high, supported by continued institutional inflows through spot ETFs. Bitcoin miners are gaining additional value as holders of scarce power resources in the AI economy, driving up the worth of mining equipment and energy contracts. Addressing quantum computing risks, Sigel acknowledged the concern but stated the community is responding proactively and does not view it as a reason to sell.