Scott Minerd, Chief Investment Officer at Guggenheim Partners, a US investment agency, has once again remarked about the long-term price potential of Bitcoin.
Minard on the last 2 days (local time) Interview with CNN Julia ChatterleyIn a Guggenheim Research Fundamental study, he said he believes that bitcoins can go up to $600,000 each.
“Cryptocurrency has come into the realm of respectability & will continue to become more and more important in the global economy.” @ScottMinerd talks $GME / $SLV / $BTC and the logic of bubbles versus buying frenzy. pic.twitter.com/ZWoZqZNU2M
— Julia Chatterley (@jchatterleyCNN) February 2, 2021
According to Minard, Guggenheim has been observing Bitcoin for nearly 10 years. “The market size wasn’t big enough to accommodate institutional funds,” he explained.
He said that given the current global gold circulation and bitcoin supply, if bitcoin had a market capitalization of about the global gold, the price would be around $400,000 to 600,000 dollars.
Minard’s Bitcoin price outlook has fluctuated considerably according to the Bitcoin market. In an interview in December 2020, when bitcoin was breaking its all-time high, he hailed as “each value is worth about 400,000 dollars”.
However, when bitcoin hit the 42,000 dollar mark in January and fell more than $10,000, the market speculation craze was overheated.
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