Guggenheim CIO Urges Market to Sell Bitcoin Ahead of Company’s Investment in GBTC
After calling for $400k the day BTC broke $20k, Scott Minerd is now calling to take off profits as the market records a pullback.
“Time to take some money off the table,” is what Scott Minerd, Global Chief Investment Officer at Guggenheim Partners, is advising Bitcoin traders and investors.
According to Minerd, “Bitcoin's parabolic rise is unsustainable in the near term. Vulnerable to a setback. The target technical upside of $35,000 has been exceeded.”
Minerd’s comments came in the middle of the market correction that saw Bitcoin falling to nearly $32,000, a pullback of just under 25%, which took the entire crypto market down with it.
Interestingly, since December, while the address with small BTC holdings saw a drop, those holding big amounts of BTC grew even during the current dip, noted Elias Sim of BisonTrails.
Just last month, the day Bitcoin price broke past its 2017 peak of $20k, Minerd predicted $400,000 per BTC driven by the digital asset’s scarcity combined with the Federal Reserve’s “rampant money printing.”
“Our fundamental work shows that Bitcoin should be worth about $400,000,” Minerd told Bloomberg, adding, ”Bitcoin actually has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions.”
Minerd’s comments to take off profits came while Guggenheim's SEC filing to invest $500 million in Bitcoin via Grayscale’s Bitcoin Trust Fund (GBTC) becomes effective on Jan. 31. The firm hasn’t received a green light from the SEC yet.
Guggenheim has actually been looking to buy BTC since it was trading around $10k, and Minerd called it “a little more challenging” when the digital asset was at $20k.
“Sounds like he wants everyone to dump so his firm may buy the dip,” said trader and economist Alex Kruger about Minerd’s commentary. Kruger further noted that “No money manager with the capacity to move the market announces is going to sell.”