Bitcoin's Path To $3 Million Dollars | Matthew Sigel
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I am joined by Matthew Siegel, head of digital assets research at VanEck. Very excited for this fireside chat. Matthew, great to see you. How are you? Hey,
Jack. Thanks for having me.
It's my pleasure. Matthew, I wanna talk about your case for Bitcoin, your view on the current crypto market, and your, a lot of the work you've done, which is really interesting on Bitcoin miners as an AI play and how they could contribute to that and and benefit from from that and their energy usage that that, AI uses. But I wanna start with your background because it's very interesting. How did you get into crypto? It's my understanding you you used to be a journalist. How does a how does a journalist become the the hedge of digital asset research at an asset management company?
Yeah. It was a winding journey. I started in journalism, 25 years ago as a reporter and a producer at Bloomberg, CNBC, and NHK, the Japanese public broadcaster. Always covering finance and economics. Simply put, I got disillusioned with fake news and jealous of interviewing sources who had more zeros next to their personal balance sheet. So I did kind of what every good journalist does, which is a lot of networking. Started studying for the CFA, Chartered Financial Analyst track, and after passing level 1 of that, I got connected with Cathy Wood, who was then a portfolio manager at AllianceBer
you say you got first, interested in in Bitcoin in 2017, my question for you is when? Because when I first heard about Bitcoin, I think it was October, and that was few months before the peak of the bull market. I think that the prices maybe peaked in late November, early December, but, you know, I it was much better to get involved in January 2017 than, December 20 2017. So when did 2017 if you remember? This
was June. So I was I was writing research. I the most clicked on research piece I ever wrote on the sell side was a piece called Google is evil. It was in 2017. And by now, all of that is very consensus, you know, the kind of the winner take all characteristics in digital platforms, how Google managed to basically kill the local classified ads market in the US and local newspapers, and this kind of centralization of truth, which I identified as a, you know, long term structural trend and the conclusion was by Google. But in the long run, this technology, Google, and and the other big tech will
It was a rocky ride. When okay. Earlier you said fake news, I think, you know, almost all of our viewers will be familiar with what that means within the political realm, which, you know, I I would I would like to avoid. But with because because you, like me, are a fake were a financial specialist only covering economics and finance, what do you think is or similar to, you know, fake news when it comes to financial journalism, whether it's it's print, digital, or television or podcasting?
I guess it's when you integrate some biases into your coverage either by omitting important news or by highlighting news that adheres to kinda one strain of thought. So I've been a a Bloomberg terminal customer or employee for the last 25 years, and I've kinda watched the editorial slant of that organization, you know, shift gradually to the left. It got highlighted when Mike Bloomberg ran for president and the media organization famously did not investigate his, past. But you can also see it on the Bloomberg terminal today that the the ESG page is above the economics page. Right? So you basic
That's an interesting perspective. I I wonder how much of the bias is coming from the audience itself, if if you know what I
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