Bitcoin (BTC) started Wednesday with a long-awaited bullish momentum. A prominent name in the finance sector made a very optimistic forecast about the largest digital currency.
Scott Minerd, CIO of the giant investment firm Guggenheim Partners, with CNN Server Julia Chatterley on Reddit and GameStop (GME) discussed the events. After Minerd said that the GME-driven speculative craze could last until the end of the year, Chatterley asked what this meant for cryptocurrency, as the speculative craze started with Bitcoin’s parabolic rally.
Bitcoin Price Index: 1 Bitcoin How Many TL? (BTC TL)
The Guggenheim CIO answered the question as follows:
“If we compare the Bitcoin supply with the gold reserves in the world and the total value of gold, Bitcoin should be between $ 400,000 and $ 600,000.”
“I am not saying we will eventually reach this point,” Minerd continued, however, adding that Bitcoin still has a great upward potential.
The CIO continued its statement as follows:
“On the other hand, the rise of cryptocurrencies from $ 20k to $ 40k in two weeks is reminiscent of short-term speculation. (…) Yet Bitcoin has gained a reputation and will become increasingly important in the global economy.”
Bitcoin price experienced a 30 percent correction after reaching an all-time high of $ 42k on January 8th. Since then, BTC, which has been traded in a narrowing corridor between $ 30-40k, finally started the day on February 3 with a 5 percent increase and above $ 36k.
The Guggenheim CIO said on January 28 that corporate demand is not enough to keep the price of Bitcoin above $ 30,000. In another statement, the CIO claimed that BTC will not break a record again this year and could drop to $ 20,000.