CIO of Guggenheim Still Stands By His Price Projection Of Bitcoin To $400K

Minerd Scott, the chief investment officer, in a video released by the Market and Finance arm of Bloomberg, insisted that he is sure of his projection before the holidays that BTC will go more bullish and could reach $400,000 with time.

Reiterating the viral interpretation of the current state of the market’s play of Bitcoin, he said that there has been sudden and unusual interest in the retail of the coin, which is responsible for the rise. He added that the move of BTC currently is very speculative, and it is a good time to “get money off the table” from his tweet.

Scott Minerd, the managing and the founding partner at Guggenheim Partners, is in charge of the investment strategies of the firm and also oversees all the accounts of every client partnering with them in investing in different securities assets. Guggenheim Partners hold more than $290 Billion currently as assets under their firm’s management.

Minerd believes that the crypto market will flourish as an aftermath of the global pandemic despite the counseling prudence about Bitcoin. He compared the 1918 Spanish Flu with the current pandemic and noted that “we are in a golden age.” However, many studies concluded that the Flu in 1918 had a negative effect of about 6% on the GDP of the countries with high mortality rates as well as consumption.

The only commodity that was not affected by the Spanish Flu and even every other pandemic is Gold. Minerd said the price he mentioned is based on the supply of Gold in the world and Crypto, even in a way that is way more attractive than Gold.

Despite the falling Price, Minerd is confident about his projection

Though BTC has been falling recently, supporters with a high profile like the CEO of MicroStrategy, Michael Saylor, and the founder of SkyBridge, Anthony Scaramucci, talked about their confidence in the projections they made in their tweets. With the recent major stake undertook by Morgan Stanley in SkyBridge and MicroStrategy’s Bitcoin Fund Launch call drenched. Both the institutional and retail interest in BTC is heightening.

Minerd concluded by saying that even though it could be time to “take money off the table,” he is still confident with his projection of BTC hitting $400,000.

Mubashar Nawaz

Mubashar Nawaz is a versatile cryptocurrency writer and has written hundreds of articles across years while covering topics from blockchain technology to cryptocurrency. He is now working for KoinHow.

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