- Guggenheim CIO sees Bitcoin reaching $600,000 in the future.
- Following the recent “hot” spike in BTC, he said a further 50 percent correction shouldn’t be a surprise.
In a recent interview with CNN, Scott Minerd, the CIO at Guggenheim Partners, a global investment and financial advisory services firm, revealed that the company had an interest in Bitcoin. Amidst the interview, the Guggenheim CIO predicted that the cryptocurrency could reach $600,000, following certain fundamentals. The leading Bitcoin made a significant increase last year, from below $20,000 in December to a new all-time high (ATH) above $40,000.
Although the price has dropped from that point, trading at $36,628 at press time, the Guggenheim CIO said a further 50 percent in BTC price wouldn’t come as a surprise to him.
Guggenheim CIO calls a potential $600,000 BTC
While speaking with CNN’s Julia Chatterley on February 2, Minerd mentioned that the cryptocurrency could reach $600,000, considering certain fundamentals of the crypto. The Guggenheim CIO wasn’t certain when Bitcoin would reach that market value. However, he did add that the cryptocurrency has “a lot of room to run.”
“We did a lot of fundamental research, and if you consider the supply of Bitcoin relative, let’s say, to the supply of gold in the world, and what the total value is, if Bitcoin were to go to this kind of numbers, you’d be talking about $400,000 to $600,000 per Bitcoin,” Minerd stated.
Guggenheim interest in Bitcoin
According to Minerd, the investment company had a long-interest in Bitcoin but chose to keep monitoring the cryptocurrency then because “its market cap wasn’t big enough to ‘justify’ institutional money.” However, the company has begun making moves to gain exposure to the leading cryptocurrency. As of January 31, Guggenheim received US SEC approval to hold Bitcoin through Grayscale, the leading institutional-grade crypto-assets investment manager.
Already, Grayscale sees an AUM of over $27 billion, indicating an interest in cryptos, especially from institutional investors.