Guggenheim Partners confirm forecast for Bitcoin to reach $400,000

The investment director of Guggenheim Partners, Scott Minerd, confirmed his forecast for Bitcoin to rise to $400,000. He also voiced concerns about the near-term prospects for the cryptocurrency market.

«It’s turning into a bit of a frenzy.» Scott Minerd, Guggenheim Partners global chief investment officer and chairman of investments, discusses his thoughts on bitcoin, saying the rise is unsustainable in the near-term. https://t.co/mCGeEUbqzy pic.twitter.com/t4FKdSA457

— CNBC (@CNBC) January 14, 2021

Minerd warned that the crypto market has become a touch frenzied. He said the December forecast remains intact.

Earlier analysts at Guggenheim Partners calculated the $400,000 price, taking into account scarcity and Bitcoin’s market capitalization relative to gold.

According to economist Alex Krüger, Minerd is making bearish comments about Bitcoin in order to buy the cryptocurrency for $500 million at a low price.

This institutional cuck who seeks to invest $500 million into bitcoin thinks $BTC is now too expensive and everybody should sell so he may buy lower.

His carefully drafted words may make the unaware think Guggenheim is taking profits. But they haven’t yet bought. https://t.co/Ny3rL8MKtA

— Alex Krüger (@krugermacro) January 11, 2021

His carefully chosen words may lead the uninformed to think that Guggenheim is already selling Bitcoin. But they have not yet bought, he wrote.

Back in November, Guggenheim Partners filed with the U.S. Securities and Exchange Commission to invest up to $530 million in the Grayscale Bitcoin Trust. The proposed amendment is due to take effect on January 31.

Subscribe to ForkLog news on VK!