Scott Minerd: Bitcoin should be worth $400,000

According to Scott Minerd, investment director of Guggenheim Partners, fundamental analysis carried out by the firm's specialists speaks of the fair price of Bitcoin at $400,000.

During an interview with Bloomberg TV, Minerd talked about Guggenheim Partners' investments in the first cryptocurrency. He also noted that, according to the firm's analysts, Bitcoin is now greatly undervalued.

"We made the decision to invest in Bitcoin back when it was worth $ 10,000. Now such a decision is more difficult, because BTC has reached $ 20,000. It's amazing how the rate of the first cryptocurrency soared in such a short time. Our fundamental analysis suggests that Bitcoin should be worth around $ 400,000. We will be watching the market, but of course Guggenheim Partners is going to buy more Bitcoins," 

Minerd said.

Analysts at Guggenheim Partners calculated the price based on the fact that the amount of Bitcoins is limited to 21 million. They also noted that Bitcoin is a digital payment network that is excellent for accumulating wealth.

"Bitcoin actually has many of the attributes of gold, and at the same time is a very unusual asset in terms of the speed and price of transactions," said the chief investment officer of Guggenheim Partners, which manages $ 230 billion in assets.

Recall that at the end of November, Guggenheim Partners filed an application with the US Securities and Exchange Commission (SEC) for the allocation of more than $ 500 million from the Macro Opportunities fund to invest in the Grayscale Bitcoin Trust. 

SOURCE