VanEck: Bitcoin may still continue to expand its market share going forward, and quantum computing is currently not a sufficient reason to sell.

VanEck Digital Assets Research Head Matthew Sigel stated in an interview that with the rapid development of the artificial intelligence (AI) industry, the power resources and long-term power contracts held by Bitcoin miners are gaining new value. Sigel pointed out that in the past, miners’ core assets were primarily viewed as computing power and BTC production capacity, but AI data centers’ demand for large volumes of stable power is reshaping the market’s valuation of miners’ power contracts. He added that some miners have signed 10-to-20-year long-term power lease agreements with investment-grade counterparties, and these contracts are granting miners "optionality"—a value distinct from pure BTC exposure. The AI sector’s growth is making power an increasingly scarce resource, so miners with low-cost, long-term locked power supplies may unlock new business opportunities, including transitions to AI infrastructure. On the Bitcoin market front, current signs of seller fatigue suggest investors should focus on opportunities following pullbacks. Additionally, Sigel compared the roles of gold and Bitcoin in investment portfolios, arguing Bitcoin may continue to expand its market share going forward. He also discussed the potential impact of quantum computing on the Bitcoin network, noting that quantum computing is a long-term risk to monitor but not yet a reason for investors to sell BTC. VanEck remains bullish on Bitcoin adoption trends, and views Bitcoin reaching a certain percentage of the gold market capitalization as one key future valuation reference.