Guggenheim’s CIO backs down from previous bullish bitcoin projection of $400K
Guggenheim’s Global Chief Investment Officer Scott Minerd rescinded his previous bullish sentiments on bitcoin because the current market conditions are not even good enough to support a $30K price.
As bitcoin went on a hot-streak rally buoyed by institutional capital, Minerd predicted in December last year that the leading digital asset should be valued at $400K.
The investor base is not big enough
Minerd says that institutional investors alone don’t have enough firepower to maintain bitcoin’s price at $30,000 or more.
“Right now, the reality of the institutional demand that would support a $35,000 price or even a $30,000 price is just not there,” said Minerd in an interview with Bloomberg Television.
“I don’t think the investor base is big enough and deep enough right now to support this kind of valuation.”
He added that bitcoin remains a viable asset in the long run. After making lofty projections of $400,000 per bitcoin, Minerd, who helps to oversee more than $310 billion in assets under management (AUM), appeared on CNBC on Jan. 20 and said bitcoin may have hit the ceiling and would pull back to $20,000.
Institutional adoption
Institutional adoption played a crucial role in driving bitcoin’s price to record highs as each coin hit $42,000 before pulling back to over $31,000. Guggenheim arrived on the bitcoin bandwagon late last year.
“The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”), a privately offered investment vehicle that invests in bitcoin,” the investment firm stated in a filing with the U.S. Securities and Exchanges Commission (SEC).
BlackRock, the world’s largest asset manager with nearly $8 trillion in AUM recently said that it is permitted to buy cash-settled bitcoin futures.
Bitcoin still above $30K
The leading digital asset is trading above $31,500, down more than 25% from its $42,000 peak reached on Jan. 8.
While Minerd backs down from his $400K projection, Gemini co-founder Tyler Winklevoss doubled down on his prediction that bitcoin would hit $500K but in the long term.
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