Scott Minerd, investment director at Guggenheim Partners, has confirmed his forecast for Bitcoin to rise to $ 400,000. He also voiced concerns about the short-term outlook for the cryptocurrency market.
“It’s turning into a bit of a frenzy.” Scott Minerd, Guggenheim Partners global chief investment officer and chairman of investments, discusses his thoughts on bitcoin, saying the rise is unsustainable in the near-term. https://t.co/mCGeEUbqzy pic.twitter.com/t4FKdSA457
– CNBC (@CNBC) January 14, 2021
Minerd warned that the crypto market has “gotten a little crazy.” According to him, the December forecast is still relevant.
Formerly analysts at Guggenheim Partners calculated the price of $ 400,000, taking into account the limited emission and capitalization of bitcoin relative to gold.
According to economist Alex Kruger, Minerd is giving bearish comments about bitcoin in order to buy $ 500 million worth of cryptocurrency at a low price.
This institutional cuck who seeks to invest $ 500 million into bitcoin thinks $ BTC is now too expensive and everybody should sell so he may buy lower.
His carefully drafted words may make the unaware think Guggenheim is taking profits. But they haven’t yet bought. https://t.co/Ny3rL8MKtA
– Alex Krüger (@krugermacro) January 11, 2021
“His carefully chosen words might make uninformed people think that Guggenheim is already selling bitcoins. But they haven’t bought it yet, ”he wrote.
As a reminder, at the end of November, Guggenheim Partners filed an application to the US Securities and Exchange Commission to invest up to $ 530 million in Grayscale Bitcoin Trust shares. The proposed amendment will enter into force on January 31st.
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