If you consider the supply of Bitcoin relative, let\u2019s say, to the supply of gold in the world, and what the total value is, if Bitcoin were to go to this kind of numbers, you\u2019d be talking about $400,000 to $600,000 per Bitcoin. Now, I\u2019m not saying we\u2019ll get there\u2026<\/li>\n<\/ul>\nMinerd cautioned that while he wasn\u2019t saying the price of the flagship cryptocurrency will hit $600,000 in the future, it gives us \u201cwhat might be a measure of fair value,\u201d and shows that for BTC\u2019s upside there is a \u201clot of room to run.\u201d<\/p>\n
The CIO of Guggenheim noted that the firm has been tracking the price of bitcoin for nearly a decade, but said the cryptocurrency\u2019s market capitalization was too small for it to invite institutional investors, until it hit $10,000.<\/p>\n
Per his words, however, in a few weeks the price of BTC went from $20,000 to over $40,000 which to him is \u201cmax of short-term speculation,\u201d which means the money \u201cis migrating into other places,\u201d implying the price of bitcoin will drop in the short-term.<\/p>\n
While he does not believe institutional investment is large enough to help bitcoin remain at its current levels, it\u2019s only now just beginning with firms like Ruffer Investment, MicroStrategy, and MassMutual investing in BTC. Guggenheim itself has already bought bitcoin for some private funds.<\/p>\n
Addressing Elon Musk saying he is a \u201csupporter of bitcoin,\u201d Minerd said the Tesla CEO has always been a visionary and cryptocurrencies have \u201ccome to the realm of respectability and will continue to become more and more important in the global economy.\u201d<\/p>\n
Featured image via Pixabay.<\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"price of bitcoin has \u201ca lot of<\/p>\n","protected":false},"author":3,"featured_media":111434,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"\n
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