Scott Minerd CIO of Guggenheim said Wednesday that $400,000 to $600,000 is a reasonable price for Bitcoin (BTC). According to Minerd, the cryptocurrency market is growing and becoming important in the global economy. He predicts that the cryptocurrency can reach half a million dollars in the long run.
“We did a lot of fundamental research, and if you consider the supply of BTC relative to the supply of gold in the world and what the total value of gold is – if BTC were to go to those kinds of numbers, you’d be talking about $400,000 to $600,000 per BTC.” Minerd told CNN.
Guggenheim is currently the largest digital management fund in the world. The company has over $27.7 billion net assets under management. Furthermore, Guggenheim filed documents with the Securities and Exchange Commission to invest 10% of its net asset value in Grayscale Bitcoin Trust. The company aims to buy $530 million worth of Bitcoin. The SEC already approved the deal and Guggenheim might soon be investing in the digital token.