Guggenheim CIO: Could Bitcoin Be $ 600 Thousand?

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Scott Minerd, CIO of Guggenheim Partners, spoke about bitcoin at the show he attended on CNN. Comparing it with gold, Minerd announced that the price could potentially rise to the range of 400 thousand to 600 thousand dollars.

Guggenheim Partners, led by Scott Minerd, has $ 270 billion in assets under the management. The manager of this giant was a guest of Julia Chatterley on CNN and shared some ideas about the current and future state of bitcoin.

‘I wouldn’t be surprised if I see a fix’

Bitcoin broke its record of $ 20,000 in December 2017, then went up to $ 42,000. Scott Minerd says this rise is for speculative reasons and does not think it is sustainable in the short term.

After the record decline, bitcoin is still trading at over $ 30,000. Scott Minerd announced that institutional investors are starting to exit the bitcoin market and could go below $ 30,000. “We have seen that Bitcoin has corrected up to 50% in the past,” said the name, “he would not be surprised if he saw a similar decline”.

Can rival gold in the long run

The short and long term predictions of the Guggenheim CIO point in different directions. It was stated that bitcoin, which is compared to gold in terms of supply, can reach a price between 400 thousand and 600 thousand dollars. “I’m not saying the price will go up to these levels, but it shows that it is open.” Minerd said. added in the form.

Explaining that they, as Guggenheim, “have been following bitcoin for 10 years,” Minerd said, “We did not enter the bitcoin market in the past because there was not such a big market.” said. Stating that this situation is now beginning to change, the name, referring to names such as BlackRock and Elon Musk, used the expressions “Crypto money is now much more respected”.

As of January 31, 2021, the Guggenheim has the right to indirectly transact with bitcoin for $ 500 million.

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