Commodity News

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, soft commodities, and Bitcoin

Archives

Institutional Demand Can’t Keep Bitcoin Above $30,000 – Minerd

January 28, 2021 at 14:57 by Mark Stevenson

Scott Minerd, investment director at Guggenheim Partners, believes that institutions cannot keep Bitcoin (BTC) price above $30,000. He expressed this opinion in a recent interview with Bloomberg.

According to Minerd, the market lacks the necessary institutional demand to allow Bitcoin to return to $35,000. He said:

I don’t think there are enough investors now to support that price.

Read also: Bitcoin Price Won’t Exceed $40,000, JPMorgan Says

Bitcoin can grow to $400,000 in the long term

It is noteworthy that in December last year, Minerd announced Bitcoin fundamental indicators, hinting at the growth of the cryptocurrency to $400,000. The study of Guggenheim Partners was then based on the shortage of cryptocurrency and the value of other assets like gold. Minerd previously argued:

… Bitcoin actually has many attributes of gold and at the same time unusual value in terms of transactions.

Guggenheim Partners has been closely monitoring the cryptocurrency market since November last year. Earlier in an interview with CNBDC, Minerd suggested that Bitcoin has already peaked in 2021. Nonetheless, cryptocurrency remains a viable asset in the long term, he added.

Guggenheim Partners manages more than $200 billion in assets, and invests in different asset classes on behalf of companies, pension funds, and sovereign wealth funds, said it could “indirectly raise Bitcoin investments” through the Grayscale Bitcoin Trust (GBTC) product through its Macro Opportunity Fund.

Meanwhile, Bitcoin price is experiencing a two-week decline. On Wednesday, January 27, the BTC/USD pair formed a double bottom and bounced off the support of $29,000. However, at the time of this writing, the price of one bitcoin is trading at $31,906. The average daily trading volume has exceeded $76 million.

If you have any questions and comments on Bitcoin today, use the form below to reply.

Leave a Reply

required
required  

Navigation

Menu