There have been all kinds of optimistic predictions about the price of Bitcoin these days. These continue to pour in like there’s no tomorrow.
Check out the latest one presented by the Daily Hodl.
Guggenheim Partners’ global chief investment officer Scott Minerd seems to be turning into a massive Bitcoin price prediction; he also estimates that the king coin could appreciate by nearly 20 times its current price.
Bitcoin could hit $600k
In a CNN interview, Minerd said that BTC could reach up to $600,000 if Bitcoin’s market cap can match that of gold’s.
“And if you consider the supply of Bitcoin relative, let’s say to the supply of gold in the world, and what the total value of gold is, if Bitcoin were to go to those kinds of numbers you would be talking about $400,000 to $600,000 per Bitcoin.”
Guggenheim’s global CIO says that figure is not a prediction but is a possible indication of where the BTC fair value may be.
He also made sure to say that Bitcoin’s recent rally that took the asset above the $40,000 level is likely in part due to short-term speculation.
“But then, when you consider that within a course of a month, we went from $20,000 to $40,000 on Bitcoin, that smacks of short-term speculation…” he said.
He continued and said: “Now the air is coming out of that speculative run, and so the money is migrating into other places… So you know, Bitcoin’s had a lot of times where it’s had setbacks of 50% from its highest. I wouldn’t be surprised to see that happen again.”
Crypto mass adoption is on its way
The Guggenheim global CIO added that institutional investors might not be showing up enough to save the day.
“And you know, as I indicated recently, I don’t really see the institutional support today which is just coming online from the likes of people like BlackRock and Guggenheim and other large institutional investors being big enough to support the valuation at its current levels.”
He also predicts that cryptos are gaining mass adoption.