Guggenheim CIO Believes Price Of Bitcoin Could Rise To Hit $600,000

The Chief Investing Officer of the Guggenheim Partners, Scott Minerd, pictured the crypto market as a valuable and growing part of the global economy. He is further convinced of his initial prediction that Bitcoin (BTC), the world’s oldest digital currency, is on a long-term bullish run. The Wall Street Behemoth Executive has been engaging in discussions around the movements of the price of BTC and has been making different projections since the company filed documents with the Securities and Exchange Commission (SEC) to allocate a specific amount to the asset.

In a recent interview by CNN, though, he mentioned that Guggenheim has been examining BTC for about ten years. Minerd said that the market looks small on its way to $10,000 and could not have justified the entrance of the institutional money nevertheless.

Guggenheim’s SEC application has already passed the review stage, and the company could nurse the idea of buying BTC very soon. The CIO, however, mentioned that the current price of BTC ranging within the five-digit territory makes the asset quite interesting.

He also iterates and speaks of his conviction of his initial prediction of a bullish run, saying that the crypto could rise greatly to reach somewhere around $400,000 to $600,000 per BTC. The company, however, came with this very optimistic projection after comparing the full-scale analysis with that of Gold.

He went ahead to warn traders to trade the projection at their risk as the parabolic swing between $10,000 and $40,000 seems unsustainable in a matter of months. Moving forward, he reaffirmed his unshaken belief that the demand of the institutional investors is not sufficient to the price of the asset at such huge levels and claims that even a 50% retracement from the peak would even be out of the question.

Minerd then made mention of the recent endorsement of Tesla’s Chief Executive Officer (CEO), Elon Musk, as a good thing to the contribution of the projection and spoke about his regret of not buying BTC around eight years ago.

The price value of Bitcoin, meanwhile, is happily trading at around $37,200 with a change rate of 0.24% during the past 24 hours at the time of publishing.