In an interview with Bloomberg Markets on Friday, Scott Minerd, chief investment officer at Guggenheim Partners, clarified his seemingly conflicting view of Bitcoin’s potential by revealing that Guggenheim’s private money was invested in cryptocurrencies.

Minerd, which oversees Guggenheim’s assets under management of $ 275 billion, identified the high price of $ 400,000 per bitcoin in an interview late last year – easily among the highest price predictions from a major company leader – but recently said in his latest tweet this week that may be The market is overheated. The shift sparked some lukewarm accusations of market manipulation.

However, as Minerd said on Friday, the long-term bullish price remains the same, although it is still possible to withdraw.

“One thing we see is the sudden interest in retail […]. Many cryptocurrency sales become cumbersome, and begin to limit orders because they can not meet demand.

An example of this is eToro, which recently warned of restrictions for buyers starting this weekend. Minerd suggested that this strong demand may be a sign of warming in the short term, but in the end, the stories turn in Bitcoin’s favor.

“The other side of this is evidence that cryptocurrency is becoming more and more popular. The price I mentioned was $ 40,000, depending on the global supply of gold, and cryptocurrencies are in many ways more attractive than gold.”

Minerd mentioned benefits such as portability and easy transactions with Bitcoin on physical bullion.

Asked if any of the Guggenheim funds have made the leap in Bitcoin, Minerd said: “I do not think we are affected by any of our equity funds yet,” although the company will consider withdrawing money if customer demand increases.

It turns out, however, that Guggenheim’s smaller private funds have taken the leap.

We actually bought it with part of our own money. […] Recommend someone if you think what you have said will reach 400,000 in the end, and 2% of your portfolio will be 20% before it’s all over. ”

Part of Minered’s upside is due to the long-term historical analysis. He indicated earlier in an interview that we “can enter a golden age” and that “comparisons were made with the 1920s after the Spanish flu.”

Finally, large retail funds are expected to enter the market in the wake of the Covid pandemic – a monetary pool that could boost cryptocurrency growth.

Source: CoinTelegraph

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