- The $ 310 billion global investment firm Guggenheim Partners has finally taken a step towards indirect investment in the world’s largest cryptocurrency. The company transferred 10 percent of the Macro Opportunities Fund to the shares of Grayscale Bitcoin Trust.
Its application to the US Securities and Exchange Commission, which was first announced in late November, is now in effect.
Scott Minerd continues to talk about Bitcoin
Guggenheim CIO Scott Minerd dropped this target considerably after announcing the incredible bull target of $ 400,000 in December. He commented on Bitcoin on major news channels such as Bloomberg and CNBC throughout January.
He tweeted on January 11 that the parabolic rise of the cryptocurrency was “unsustainable”. Minerd later shared his thoughts on CNBC’s “Closing Bell” that the price of Bitcoin would drop to $ 20,000.
In the last Bitcoin interview conducted by Bloomberg; He stated that there is not enough institutional demand for BTC to prevent a major correction.
So what is behind Minerd’s change in BTC views? Alex Krüger, economist and crypto analyst; He assumed that Minerd wanted to persuade audiences to sell their BTC for profit so that the Guggenheim could buy BTC cheaper.
Now that the financial services giant is finally in the game; It remains unclear whether Minerd will change his mind in the coming weeks.
The short-lived Elon Musk rally
Uncertainty continues in the BTC price after an extremely volatile January. It turned out that the last seen Elon Musk focused rallies were very short-lived.
On January 29, Bitcoin had risen to almost $ 39,000 after Tesla CEO added Bitcoin to his Twitter bio. The pioneering cryptocurrency, after Musk confirmed in a Clubhouse interview that he believed in cryptocurrency; it climbed above $ 34,700 earlier today. However, it did not rise much beyond this level and hovered around $ 33,000. Elon Musk used the following statements:
“I THINK BITCOIN IS A GOOD THING AT THIS POINT AND I AM BITCOIN’S SUPPORTER… I THINK BITCOIN IS ON THE SAME OF WIDE ACCEPTANCE BY TRADITIONAL FINANCE EXPERTS.”