Guggenheim Partners’ investment director Scott Minerd has revised his previous outlook for Bitcoin’s long-term outlook. In an interview with CNN, he said that 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 we consider the offer of bitcoin regarding, say, the supply of gold and its total value, and the cryptocurrency rises to similar values, we will talk about $ 400,000- $ 600,000 per coin,” Minerd said.
According to the top manager, Guggenheim Partners has been studying the first cryptocurrency for almost 10 years. He added that previously the market volume was “not large enough and unjustified for institutional money.”
Minerd noted that the rapid growth of digital gold from $ 20,000 to $ 40,000 in a few weeks “smacks of short-term speculation.”
According to him, the participation of institutional investors in the market is growing, but this is still not enough to maintain the current level of the bitcoin price.
The expert added that the cryptocurrency has earned respect in the market and will continue to play a large role in the global economy.
Recall that on January 21, Minerd said that the first cryptocurrency this year has already reached the peak of its market value. He predicted a decline in the price of BTC to $ 20,000.
A week later, Minerd doubted that Bitcoin would hold the $ 30,000 level.
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