The investment director of Guggenheim Partners, Scott Minerd, revised his prior forecast for Bitcoin’s long-term prospects. In an interview with CNN he said the price of the first cryptocurrency could rise to $600,000.
“Cryptocurrency has come into the realm of respectability & will continue to become more and more important in the global economy.” @ScottMinerd talks $GME / $SLV / $BTC and the logic of bubbles versus buying frenzy. pic.twitter.com/ZWoZqZNU2M
— Julia Chatterley (@jchatterleyCNN) February 2, 2021
“If you look at Bitcoin’s supply relative to, say, gold’s supply and its overall value, the cryptocurrency could rise to similar levels, i.e. around $400,000–$600,000 per coin,” Minerd said.
According to the executive, Guggenheim Partners has been studying the first cryptocurrency for almost ten years. He added that the market size was previously too small and unwarranted for institutional money.
Minerd noted that the rapid rise of digital gold from $20,000 to $40,000 in a matter of weeks “smacks of short-term speculation”.
In his words, institutional involvement in the market is rising, but it is still not enough to sustain the current Bitcoin price level.
The expert added that the cryptocurrency has earned respect in the market and will continue to play a major role in the global economy.
Earlier, on January 21, Minerd said that Bitcoin had already peaked in its market value this year. He forecast a drop in BTC price to around $20,000.
A week later, Minerd doubted that Bitcoin would hold the $30,000 level.
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