- Scott Minerd still thinks Bitcoin will hit $400k.
- He calls recent price surges in Bitcoin a ‘speculative frenzy.’
- That hasn’t stopped select Guggenheim investors from buying Bitcoin on his recommendation.
“I think one thing that we’re seeing is the sudden interest in retail” he said, echoing a popular interpretation of Bitcoin’s current state of market play. He added: “we’re moving into a speculative frenzy… Perhaps it’s time to take some money off the table here” echoing a tweet written four days earlier.
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Scott Minerd is a founding and managing partner at Guggenheim Partners. He guides the firm’s investment strategies and oversees client accounts investing in various different securities. Guggenheim Partners currently holds more than $295 billion dollars in assets under management.
Despite counselling prudence with Bitcoin, Minerd believes the post-pandemic market will be flourishing. He compares the pandemic to the Spanish flu of 1918, noting “we could be in a golden age.” However, as many studies have concluded, the Spanish flu had a 6% negative effect on GDP and consumption in countries with high mortality rates.
What the Spanish flu did not have an impact on were gold prices, nor has any pandemic for that matter, a point which Minerd factored into his reasonings: “The $400,00 price I talked about was based off the supply of gold in the world, and crypto in a lot of ways is more attractive than gold.”
Bitcoin has recently been falling, but high-profile supporters like MicroStrategy CEO Michael Saylor and SkyBridge founder Anthony Scaramucci still tweet their fidelity to their initial projections, while channeling nine and ten digit sums into the currency through their companies. With Morgan Stanley taking a major stake in MicroStrategy and Skybridge’s Bitcoin Fund launch call getting inundated, clearly both retail and institutional interest in Bitcoin is growing.
BTC+20.03%$32,855.5424H7D1M1YMAXDec 29Jan 3Jan 8Jan 13Jan 18Jan 23Jan 28$20000$30000$40000$50000BTC Price Buy Bitcoin
On the topic of whether Guggenheim has invested in Bitcoin, Minerd disclosed that “some of our private funds have already purchased it… If you believe what I said that it’ll go to $400,000 eventually, 2% of your portfolio will be 20% before this is all over.”
So Minerd’s mind is clear: Though it could be “time to take some money off the table,” he plans to keep a lot on the table, and perhaps add even more, just in case Bitcoin reaches $400,000.