Guggenheim Partners: Institutions won’t keep Bitcoin at $30,000

Scott Minerd, Guggenheim Partners’ chief investment officer, stuck to his near-term forecast of a Bitcoin price decline. In a Bloomberg commentary he doubted that the first cryptocurrency could hold the $30,000 level.

“There isn’t enough institutional demand to support Bitcoin’s price at $35,000 or even $30,000,” Minerd added.

In his view, digital gold will remain a viable asset in the long term, but in the near term pressure on Bitcoin’s price could intensify.

“There are now retail investors in the market who see in the rally an opportunity to make money,” said the CIO of Guggenheim Partners.

Earlier, on January 21, Minerd said that Bitcoin had already peaked for the year and forecast a decline in the asset’s price to around $20,000.

In response, analyst Alex Krüger accused the Guggenheim Partners executive of trying to push Bitcoin’s price down to buy it cheaper in February, when his firm would obtain regulatory approval.

Earlier, several of the largest US universities, according to media reports, invested in Bitcoin.

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