Matthew Sigel, head of digital assets research at VanEck, highlights that Bitcoin miners holding power contracts possess a highly valuable asset within the AI economy. These energy agreements are increasingly viewed as a scarce resource due to the high power demands of artificial intelligence infrastructure.
The analysis points to the significance of 10 to 20-year power leases signed with investment-grade counterparties. According to Sigel, these long-term contracts have fundamentally altered the correlation between Bitcoin miners and the cryptocurrency itself, creating underappreciated optionality for investors.
Sigel also discussed the broader macroeconomic outlook for Bitcoin, including its role as a hedge against inflation and fiscal dominance. He suggests that Bitcoin could eventually reach a market capitalization equivalent to half of the total market cap of gold.
