- Scott Minerd of the Guggenheim raised the $ 400,000 Bitcoin call for the second time. In a recent interview with Brian Sullivan on CNBC’s “The Exchange,” Scott Minerd, Chief Investment Officer at Guggenheim Partners, highlighted the $ 400,000 Bitcoin target for the second time.
Scott Minerd of the Guggenheim raised the $ 400,000 Bitcoin call for the second time. In a recent interview with Brian Sullivan on CNBC’s “The Exchange,” Scott Minerd, Chief Investment Officer at Guggenheim Partners, highlighted the $ 400,000 Bitcoin target for the second time.
However, Minerd warned his listeners that the market was turning “a little crazy”:
“No, no, I’m serious. This is really interesting. It was a comment that took place in an interview. And to be honest, they can say that the United States government went bankrupt and the Federal Reserve went bankrupt, Bitcoin will go to $ 400,000 one day and they will only talk about Bitcoin. This is telling you something. It turns a little crazy.
Minerd says this area is a sparkling market
Minerd highlighted that it offers prominent opportunities in mid-December, when the largest cryptocurrency was traded below $ 23,000 when comparing it to gold.
Bitcoin has the properties of many gold and also has an unusual value in terms of transactions.
Since then, the flagship coin has grown 85 percent in less than a month, reaching $ 42,049 on January 8th. After a long delayed retreat, Bitcoin once again retraced the $ 40,000 level on January 14th.
On the verge of a major correction, Minerd stated that the Bitcoin rally is “unsustainable” in the short term.
The head of one of the fastest growing investment management companies on Wall Street is still convinced that the market is currently bubbling as eToro tries to process purchase orders due to the extreme rise in demand.
The Guggenheim has not entered Bitcoin yet
Economist Alex Krüger stated that Minerd deliberately started making downward comments to buy Bitcoin cheaper:
Bitcoin's parabolic rise is unsustainable in the near term. Vulnerable to a setback. The target technical upside of $35,000 has been exceeded. Time to take some money off the table.
— Scott Minerd (@ScottMinerd) January 11, 2021
His carefully crafted words may cause those who do not know that the Guggenheim is making a profit. But they haven’t bought it yet.
In late November, the Guggenheim applied to the US Securities and Exchange Commission to invest up to $ 530 million in shares of the Grayscale Bitcoin Trust. The proposed amendment will take effect on January 31st.