U.S. Markets closed
  • S&P 500

    4,297.14
    +16.99 (+0.40%)
     
  • Dow 30

    33,912.44
    +151.39 (+0.45%)
     
  • Nasdaq

    13,128.05
    +80.87 (+0.62%)
     
  • Russell 2000

    2,021.35
    +4.73 (+0.23%)
     
  • Crude Oil

    88.18
    -1.23 (-1.38%)
     
  • Gold

    1,777.10
    -4.30 (-0.24%)
     
  • Silver

    20.18
    -0.09 (-0.43%)
     
  • EUR/USD

    1.0164
    -0.0001 (-0.0102%)
     
  • 10-Yr Bond

    2.7910
    -0.0580 (-2.04%)
     
  • Vix

    19.95
    +0.42 (+2.15%)
     
  • GBP/USD

    1.2057
    -0.0002 (-0.0133%)
     
  • USD/JPY

    133.1270
    -0.1450 (-0.1088%)
     
  • BTC-USD

    24,153.92
    -151.80 (-0.62%)
     
  • CMC Crypto 200

    571.41
    -19.35 (-3.28%)
     
  • FTSE 100

    7,509.15
    +8.26 (+0.11%)
     
  • Nikkei 225

    28,871.78
    +324.80 (+1.14%)
     

Guggenheim CIO Says Bitcoin ‘Should Be Worth’ $400,000

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Guggenheim Partners Chief Investment Officer Scott Minerd shocked Bloomberg TV hosts Wednesday afternoon when he said his firm’s fundamental analysis shows bitcoin should be worth $400,000.

  • “Our fundamental work shows that bitcoin should be worth around $400,000,” said Minerd. “Whoa!” responded one of the hosts.

  • That sky-high price target is based on two things, according to Minerd: the asset’s scarcity and its relative value to gold as a percentage of gross domestic product.

  • “Bitcoin has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions,” Minerd told Bloomberg TV.

  • Guggenheim made the decision to start allocating to bitcoin when the leading cryptocurrency was trading around $10,000, Minerd said.

  • Minerd said allocating to bitcoin, given its current price above $20,000, is “a little more challenging.”

  • Guggenheim Partners manages more than $230 billion worth of assets.

Related Stories