In the latest round of prediction, Minerd says that the leading digital currency has the potential to reach $600K, significantly higher than his previous bullish projection of $400K.
Minerd: Bitcoin to $600K
In an interview with CNN on Tuesday, Guggenheim’s CIO claimed that based on the firm’s fundamental research, the leading digital asset could soar as high as $600K per coin.
He revealed that the investment firm has been watching bitcoin for nearly a decade but the market size “just wasn’t big enough to justify institutional money.”
The cryptocurrency market was driven by retail investors in its early days while institutions treaded with caution as bitcoin evolved until it gained recognition from sophisticated investors and big companies.
He said things got interesting when the price per bitcoin passed $10,000.
“If you consider the supply of bitcoin relative … to the supply of gold in the world, and what the total value of gold is, if bitcoin were to go to those kinds of numbers, you’d be talking about $400,000 to $600,000 per bitcoin,” said Minerd.
A rapid rise to $40,000
Bitcoin had a dramatic and rapid rise from $20K to more than $40K in a matter of just a few weeks.
The momentum was just too high.
He further added that the rapid rise from $20K to $40K “smacks of short-term speculation."
Further, there isn’t enough institutional capital flow to maintain the current price levels. But he believes that “cryptocurrency has come into the realm of respectability and will continue to become more and more important in the global economy,” said Minerd whose firm manages more than $270 billion in assets.
Is it changing or evolving bitcoin predictions?
Minerd’s future position on bitcoin has been interesting as the price of the digital asset itself.
In late November, Guggenheim filed with the U.S. Securities and Exchange Commission (SEC) to invest $500 million in bitcoin. Minerd gave a bullish prediction of bitcoin on Dec. 16, when the cryptocurrency asset was trading at $19K, that it would reach a high of $400K.
Bitcoin smashed records on its way to $42K but has largely traded below $40K since then, prompting Minerd to back down from his bullish outlook. He said bitcoin would plummet to $20K.
Less than a week later, he is bullish again and sees the digital asset in the $600K region.
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