Bitcoin may eventually be worth $600,000 in the long run if its offer is relative to the gold being offered, according to Scott Minerd, guggenheim Investments’ leading investment officer.
In an interview with CNN, Minerd said Guggenheim’s core studios estimated the value of the dominant cryptocurrency at $600,000 consistent with BTC given its gold dating.
“If you look at bitcoin’s offer instead of the source of passld in the world, and what is the total price of passld, if Bitcoin were to move to those types of numbers, I would be talking about $400,000 to $600,000 according to Bitcoin. “, he told CNN.
Minerd added that Guggenheim has been looking for Bitcoin for nearly a decade, the company cannot justify making an investment in it because the length of the market “wasn’t big enough. “
However, the capitalization of the Bitcoin market continued to grow and by the time it exceeded $10,000, the dominant cryptocurrency began to look interesting, the IAO noted.
At the time Bitcoin reached its $20,000 mental stamina for 3 years, Minerd said his company’s studies put the price of Bitcoin at $400,000 and revealed that they had started buying Bitcoin at $10,000, but noted that the cryptocurrency was hard to buy at $20,000.
While Bitcoin exceeded $30,000 and $40,000 and then returned to $35,000, Mionerd said the increase in cryptocurrency is unsofiable in the short term and vulnerable to setbacks. “It’s time to withdraw cash from the table,” he said on Twitter on January 11.
In another interview, he said bitcoin’s institutional call is not high enough to stay at $30,000.
Some on social media have questioned the timing of Minerd’s feelings about Bitcoin. According to trader and analyst Alex Kruger, Guggenheim may scare the market into buying Bitcoin at a lower price. According to his presentation to the SEC, he allowed Bitcoin to be purchased in January. 31.
Cointelegraph noted that it is also imaginable that Minerd simply responds to quick occasions in the market.
Bitcoin Photo: Pixabay VIN JD