Posted 11 months ago | by @devadmin
In an interview with Bloomberg Markets on Friday, Guggenheim Partners’ chief investment officer Scott Minerd stated hes still bullish on Bitcoin and believes it should be $400K.
Minerd, who oversees Guggenheim’s $275 billion in assets under management, made an extremely bullish prediction for Bitcoin last year predicting the number one digital currency should be $400,000. However, in a recent tweet he expressed to investors that it’s time to take some money off the table.
Minerd clarified that his long term bullish price target remains intact while a bearish pullback may still happen in the short term.
“One thing we’re seeing is a sudden interest in retail […] a lot of the crypto outlets are being overwhelmed, they’re starting to limit the orders because they can’t handle the demand.”
Minerd expressed that the recent strong demand might be a sign of an overextended rally in the shorter term. He also said on the flip side that demand is showing that crypto is becoming more mainstream.
“The other side of that is demonstrating that crypto is becoming much more mainstream. The $400,00 price I talked about was based off the supply of gold in the world, and Crypto in a lot of ways is more attractive than gold.”
Minerd added there are benefits such as portability and ease-of-transactions with Bitcoin relative to physical gold.
When Minerd was asked about if any Guggenheim funds have made the leap into Bitcoin, Minerd stated “I don’t think we’re effected yet for any of our mutual funds,” though the company would consider allocations if client demand picks up.
Despite this, however, he did reveal smaller private Guggenheim funds have decided to dive into Bitcoin.
“In some of our private funds we’ve already purchased it. […] I recommended to somebody, if you believe what I said that it’ll go to 400,000 eventually, 2% of your portfolio will be 20% before this is all over.”
You can watch the full CNBC interview with Scott Minerd below.
Bitcoin is currently trading at [FIAT: $36,495.08] UP +0.9% in the last 24 hours according to Coingecko at the time of this report