Guggenheim CIO Back to Pumping Bitcoin with Even a Higher Target; SEC Filing to Buy GBTC is Effective
Much like last time, Guggenheim chief investment officer, Scott Minerd, calls for a fundamental research-based price target, which is 50% higher than his previous $400,000 per BTC. Minerd, in his interview with CNN’s Julia Chatterley, said,
“We have done a lot of fundamental research. If we consider the supply of bitcoin in relation to, say, the supply of gold in the world, and what is its total value, then if BTC aimed at such numbers, it would be possible to predict its price of $400,000 – $600,000.”
Interestingly, his bullish calls for Bitcoin have been renewed after the multi-billion investment company’s filing with the US Securities and Commission (SEC) to buy $500 million worth of Bitcoin via Grayscale Bitcoin Trust (GBTC) became effective on Jan. 31st, 2021.
Crypto Twitter (CT) speculates that Guggenheim might have already purchased BTC this week at an entry price of $32.4k.
According to Minerd, the firm has been looking at the leading digital currency for almost 10 years, and it was around the time when BTC passed $10k that it started to look “very interesting” at them. Moreover, the size of the market “just wasn’t big enough to justify institutional money” until now.
Speculation & the Realm of Respectability
Back in January, Minerd advised people to take money off the table and then later called for a trip back to $20,000. At the time he said, the bulls market is over, for now.
Still, during his $600k bull call this week, Minerd also said: “Considering that during the month we went up from $20,000 to $40,000 per BTC, this is the maximum short-term speculation,” and he “won’t be surprised” if BTC sees a 50% correction. Such a pullback would take BTC to around $18,500.
Today, Bitcoin is back on the move and aiming for $40,000, after a good start of the week, which saw another Elon Musk propelled green candle when he said he is a supporter of Bitcoin and that it is on the verge of mass adoption. Minerd on Musk’s view of BTC commented,
“Cryptocurrency has entered the realm of respectability and will continue to grow in importance in the global economy.”
While Minerd is busy trying to influence the BTC prices, Bitcoin proponent Michael Saylor is hosting a seminar for thousands of corporations to help them make the transition to Bitcoin just like MicroStrategy did. Saylor tweeted,
“Response has been overwhelming, all sessions are live, and we will be covering material never before presented online. “Stuff I wish someone had told me a year ago.”’