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Crypto investors are back to being bullish in Bitcoin once more as BTC recovered from its recent correction and rose to $37,460 at the time of writing based on data from Coinmarketcap. However, the chief investment officer of an investment firm believes that the crypto has the potential to go even past the half-million-dollar mark in the long term.
In an interview with CNN’s July Chatterley, Scott Minerd said on Tuesday that Bitcoin could climb as high as $600,000, according to Coindesk. Minerd, who is the chief investment officer of investment firm Guggenheim Partners based this recent BTC price prediction on Guggenheim’s fundamental research.
Guggenheim had been planning to invest in BTC for almost a decade but previously felt that its market back then was too small. “We’ve been looking at Bitcoin for almost ten years,” Minerd explained. “The size of the market wasn’t just big enough to justify institutional money. As the total market cap of Bitcoin got bigger, around $10,000, it started to look very interesting.”
He believes that BTC’s recent price hike where the crypto rose from $20,000 to $40,000 in a month is just due to short-term speculation saying that he doesn’t see the institutional support today… being big enough to support the valuation at its current level.” However, he also pointed out that research suggests BTC has the potential to go as high as $600,000 per token in the long run.
“If you consider the supply of Bitcoin relative to the supply of gold in the world and what the total value of gold is, if Bitcoin could go to those kinds of numbers, you’d be talking about $400,000 to $600,000 per Bitcoin,” the Guggenheim CIO explained. “I’m not saying that we’ll ultimately get there but that’s an indication of what might be a measure of fair value.”
Minerd believes that the importance of cryptos in the global scene is increasing. “Elon has definitely proven himself to be a visionary and I think that cryptocurrency has come into the realm of respectability and will continue to become more and more important in the global economy,” the Guggenheim executive said.
Elon Musk recently expressed his support for Bitcoin and predicted its increasing acceptance in finance. “I do at this point think bitcoin is a good thing. I'm late to the party, but I am a supporter of bitcoin,” the Tesla chief. “I think bitcoin is really on the verge of getting broad acceptance by conventional finance people,” he added.
