Bitcoin topped $23.5k but Guggenheim’s CIO Projects $400k
Bitcoin bulls have been ripping through resistances in the past week. A day after BTC prices blasted past $20k, with the follow-through forcing prices to $23.5, Guggenheim’s CIO Scott Minerd said BTC should be worth $400k. His projection, explaining to Bloomberg, is tied to the Federal Reserve’s monetary policy and their openness to print more money even after air-dropping billions through CARES ACT, and the digital asset’s valuation relative to gold.
Scott’s BTC price prediction is one of the many. Most analysts are projecting six-figures for the digital gold in the next 12 months. While he doesn’t give a timeline, Anthony Pompliano is confident BTC will hit $109k by Dec 2021; almost coinciding with Thomas Fitzpatrick’s forecast of around $100k within the same period. Guggenheim Partners, in a filing with the SEC, revealed that it has the right to invest 10 percent of their net asset value, worth over $5.3 billion, in Grayscale Bitcoin Trusts (GBTC) through its Macro Opportunities Fund.
Impact on the BTC Price:
Bullish. More public companies regulated by the SEC are seeking exposure to Bitcoin. The fund now joins MassMutual, MicroStrategy, and others in investing a significant portion of their funds in Bitcoin.
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