GUGGENHEIM CIO SAYS BITCOIN COULD ULTIMATELY CLIMB TO $600K; REVISING HIS PREVIOUS BTC PREDICTION!!

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Scott Minerd, chief investment officer of the multi-billion dollar investment firm Guggenheim Partners, has revised his previous Bitcoin prediction to reflect the BTC long-term price potential.

In an interview with CNN’s Julia Chatterley on Tuesday, Minerd said, based on Guggenheim’s fundamental research, he believes Bitcoin could eventually climb as high as $600,000 per BTC.

Minerd said the firm has been looking at bitcoin for almost 10 years and previously the size of the market “just wasn’t big enough to justify institutional money.”

However, as the total market cap of bitcoin got bigger – around the time bitcoin’s price passed $10,000 – it started to look “very interesting.”

“If you consider the supply of bitcoin relative … to the supply of gold in the world, and what the total value of gold is, if bitcoin were to go to those kinds of numbers, you’d be talking about $400,000 to $600,000 per bitcoin,” he said.

However, the cryptocurrency’s rapid rise in just weeks from $20,000 to $40,000 “smacks of short-term speculation,” he said. Further, the institutional levels of market participation, while growing, aren’t yet big enough to support current price levels.

Yet, “Cryptocurrency has come into the realm of respectability and will continue to become more and more important in the global economy,” Minerd said.

In comments last December, the CIO had said bitcoin could be worth up to $400,000 in time, based on the same rationale.

In other trending Bitcoin News today:

"Corporate Buy-ins Could Take Bitcoin Price Over $500K - Report"

Bitcoin (BTC) could fetch at least a $535,000 price tag if corporate buyers convert 10% of their cash reserves to the largest cryptocurrency.

In one of the various conclusions from its latest report, "Bitcoin: Preparing for Institutions," investment firm Ark Invest said that even a 1% allocation from S&P 500 companies would be enough to increase BTC/USD spot prices by $40,000.

The findings come as institutional buyers continue to focus on Bitcoin as a long-term alternative to cash, with one transaction in particular drawing attention after $500 million left Coinbase.

"Based on search volumes compared to 2017, bitcoin’s price increase seems to be driven less by hype. With bitcoin appearing to gain more trust, some companies are considering it as cash on their balance sheets," the report reads.

In terms of the longer-term impact that corporations could have on Bitcoin's scarcity, Ark forecast that probable allocations would likely far outstrip the 1% level.

"Based on daily returns across asset classes during the past 10 years, our analysis suggests that allocations to bitcoin should range from 2.55% when minimizing volatility to 6.55% when maximizing returns," it wrote, adding:

"Based on ARK’s simulated portfolio allocations, institutional allocations between 2.5% and 6.5% could impact bitcoin’s price by $200,000 to $500,000."

Despite BTC price action failing to deliver a convincing continuation of its bull run in recent weeks, anticipation is building that the status quo will soon be turned on its head. As Cointelegraph reported, asset management giant Grayscale may provide the spark that reignites the market as soon as Wednesday.

"There is a large and emerging group of institutions that have an enormous capital base that are reallocating to this space,” Michael Bucella, general partner at fellow investment firm BlockTower Capital, told CNBC this week.

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Show Notes / News Resources:
- $600K Bitcoin Prediction: https://bit.ly/3pM4Q4L
- $500K BTC Prediction: https://bit.ly/3oOlGhY
- Bitcoin Technical Analysis: https://bit.ly/39JJ6AY

DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

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