Bitcoin miners with power contracts may own one of the scarcest assets in the AI economy. Matthew Sigel, head of digital assets research at VanEck, explains why AI changed the value of mining energy contracts, how 10 to 20 year leases with investment-grade counterparties changed miners’ correlation with Bitcoin, and why he sees an “underappreciated optionality.”

Chapters:0:00 Macro Backdrop and VanEck’s Ten-Year View on Bitcoin1:22 Seller Exhaustion, Buying Dips, and the Macro Bear Cases3:12 Why Bitcoin Miners Own a Scarce AI Asset: Power5:01 Gold vs. Bitcoin: Sizing and Portfolio Roles6:46 Bitcoin, the Dollar, and the Bitcoin-to-Gold Ratio8:26 Quantum Computing: A Real Risk, Not a Reason to Sell10:11 Why Bitcoin Doesn’t Need More Regulation12:56 Inflation, Fiscal Dominance, and Bitcoin as a Hedge14:35 Is the Bottom In? Price Targets and Bitcoin Adoption15:16 Half of Gold’s Market Cap as Bitcoin’s North Star

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