March 28, 2024

Bitcoin fair price is $ 400,000

Bitcoin fair price is $ 400,000

Guggenheim Investments Investment Director Scott Minerd believesBitcoin is hugely undervaluedan asset even at current price levels around $ 23,000. Recently, the first cryptocurrency for the first time in its history overcame the $ 20,000 level and is now trading above $ 23,000.

Speaking to Bloomberg TV on Wednesday, Minerd revealed that his company has started investing in bitcoin at a rate of about $ 10,000.

"Our fundamental work shows that Bitcoin should be worth around $ 400,000."- he declared.

To this conclusion, analysts at Guggenheim Investmentscame on the basis of two factors: the limited emission of bitcoin and its value relative to gold. According to Minerd, cryptocurrency shares many common characteristics with the precious metal, but at the same time "has extraordinary value in the context of transactions."

At the same time, Minerd noted that the purchase of bitcoinabove $ 20,000 seems "a little more problematic" to him. He also said that he was impressed by the rapid rise in the cryptocurrency rate in a short period of time.

Why are we talking about bitcoin when we have a Fed press conference?- asked the host.

At the end of November, Guggenheim Investments filednotice to the US Securities and Exchange Commission (SEC) that it may make an indirect investment in bitcoin through a Grayscale Trust under its Macro Opportunities Fund for a total of up to $ 500 million. In the same notice, the company ruled out other investments in cryptocurrencies. Guggenheim Investments manages over $ 230 billion.

Bitcoin fair price is $ 400,000

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