Bitcoin (XBT) should be worth $ 400,000, says Scott Minerd of the Guggenheim

Scott Minerd

Photographer: Patrick T. Fallon / Bloomberg

As Bitcoin rises to all-time highs, Scott Minerd of Guggenheim Investments believes the fair value of the world’s largest cryptocurrency still has a long way to go.

The scarcity of Bitcoin combined with the Federal Reserve’s “unbridled money printing” means the digital token should go up to about $ 400,000, Minerd, the firm’s chief investment officer, said in an interview. His comments came the same day Bitcoin defaulted on $ 20,000 for the first time, which increased in 2020 to 190%.

“Our core work shows that Bitcoin should be worth about $ 400,000,” Minerd told Bloomberg Television on Wednesday. “It’s based on scarcity and relative valuation, such as gold as a percentage of GDP. So you know, Bitcoin has a lot of attributes of gold, and at the same time it has an unusual value in terms of transactions ”.

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