The chief investment officer of the Guggenheim partners with a multi-billion-dollar investment firm. Scott Minerd says that the firm has revised its earlier prediction for the long-term pricing potential of Bitcoin.
In a recent interview, Minerd, based on the Guggenheim fundamental research, said that he believes that the bitcoin to climb the $600,000 mark.
Minerd is saying that the firm is looking at bitcoin for more than 10 years. Also, it focuses on the size of the market, which was “just wasn’t big enough to justify institutional money.”
However, the complete market cap of Bitcoin is getting bigger along with time. The price of Bitcoin has passed $10000, and it is looking “very interesting.”
“If you consider the supply of bitcoin relative … to the supply of gold in the world, and what the total value of gold is, if bitcoin were to go to those kinds of numbers, you’d be talking about $400,000 to $600,000 per bitcoin,” he said.
However, the cryptocurrency came up with a rapid amount of rising from $20000-$40000, and it continues to “smacks of short-term speculation,” according to him. The institutional level with the market participation is also growing, which is not much big and has support for the current pricing level.
Moreover, cryptocurrency comes with much respectability and going to continue to become more important in the global economy, according to Minerd.
In the comments, CIO said that Bitcoin could be worth the value of $400000 on the basis of a similar rationale.