Guggenheim’s Scott Minerd says institutional investors alone aren’t enough to sustain Bitcoin prices above $30,000.

“Right now, the reality of the institutional demand that would support a $35,000 price or even a $30,000 price is just not there,” Minerd, the firm’s chief investment officer, said in an interview on Bloomberg Television. “I don’t think the investor base is big enough and deep enough right now to support this kind of valuation.”

Bitcoin is still a viable asset class in the long run, he said. Minerd, who helps oversee more than $310 billion of assets, made waves last month when he said the digital asset could eventually be worth $400,000. Minerd said Jan. 20 on CNBC that Bitcoin may have temporarily peaked and could retrace to $20,000.

(Excerpt) Read more Here | 2021-01-27 15:27:00
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