Scott Minerd Said Bitcoin Should be Worth $400,000

Guggenheim Chief Investment Officer Scott Minerd said in an interview with the media on Wednesday local time that according to fundamental analysis, Bitcoin should ultimately be worth about $400,000.

Minerd believes that giving such a high target price is based on two points: one is the scarcity of bitcoin, and the other is the relative value of bitcoin relative to gold. “Bitcoin actually has many properties of gold, and at the same time has unusual value in terms of transactions.”

On the day he made this comment, the price of Bitcoin broke through $20,000 for the first time, setting a record high. The crypto asset has risen by 190% year-to-date.

Prior to this, the US$5 billion Guggenheim Macro Opportunity Fund applied to the US SEC to invest in Grayscale Bitcoin Trust, or allocate US$530 million in Bitcoin.

 

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