Guggenheim Partners Forecast Bitcoin to Reach $400,000

The price of Bitcoin is expected to rise to $400,000, according to Guggenheim Partners’ investment chief Scott Minerd, on Bloomberg TV.

“Our fundamental work shows that Bitcoin should be worth about $400,000,” says Guggenheim’s Scott Minerd https://t.co/9QyOWyYAVA pic.twitter.com/uojQqaKPia

— Bloomberg TV (@BloombergTV) December 16, 2020

He said Guggenheim Partners’ analysts arrived at this conclusion based on two factors: the finite supply of the first cryptocurrency and its value relative to gold.

“Bitcoin possesses many attributes of gold and, at the same time, has extraordinary value in terms of transactions,” the company’s representative noted.

He added that he was impressed by the rapid rise in the digital asset’s price over a short period. However, purchasing it above $20,000, Minerd said, was “a bit more problematic”.

Guggenheim Partners manages assets worth $270 billion. In November the company said it planned to allocate a portion of its portfolio to the Grayscale Bitcoin Trust.

On the night of December 17, the price of the first cryptocurrency reached a new all-time high above $22,000.

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