Bitcoin is in the early stages of a bull market, according to Matthew Sigel, VanEck’s head of digital asset research. VanEck regards a Bitcoin market capitalization equal to half of gold’s as a medium-term target, corresponding to a price of about $500,000. Sigel also said Bitcoin could reach $3 million by 2050 if it secures an important role in global energy trading. Bitcoin’s correlation with gold has reached a multi-year high, while continued institutional inflows through spot ETFs (funds holding the asset directly) are supporting the market. The rising value of electricity resources, mining equipment and energy contracts held by Bitcoin miners is providing additional support.