Guggenheim’s Scott Minerd has confirmed the firm’s exposure to Bitcoin, following the filing with the Securities and Exchange Commission (SEC) to “seek investment exposure to Bitcoin through Grayscale’s Bitcoin Trust product”.
Guggenheim’s Chief Investment Officer (CIO) Scott Minerd believes that the ongoing bearish trend of Bitcoin (BTC) may pull it back to the $20,000 level in the near term. The projection from Guggenheim’s Scott comes amid the failure of the Bitcoin market bulls to regain the price from the bears who have been in control for the past couple of days.
At the time of writing, Bitcoin price is down by 5.55% in the past 24 hours and each coin is trading at $32,974, about $10,000 below its all-time high price of $42,000 set on January 8th. The negative outlook of the premier virtual currency is also evident as it is down by about 13.47% in the past week. Minerd noted that as Bitcoin is retracing from its all-time high, the possibility of going back to that price level is not likely this year.
“I think for the time being, we probably put in the top for bitcoin for the next year or so. And we’re likely to see a full retracement back toward the 20,000 level,” he noted.
Guggenheim’s Scott Minerd Affirms Bitcoin Exposure
According to a report by Crypto Globe, Guggenheim’s Scott Minerd has confirmed the firm’s exposure to Bitcoin, following the filing with the Securities and Exchange Commission (SEC) to “seek investment exposure to Bitcoin through Grayscale’s Bitcoin Trust product. The report, the Bitcoin exposure will be channeled through one of Guggenheim Investments’ fixed income mutual funds (“Macro Opportunities”)
Estimated at about $500 worth of exposure, the stake has made the firm to be more active in tracking and predicting the price movements of Bitcoin in general. One of Scott Minerd’s latest infamous projection is that Bitcoin is going to eventually grow to pass $400,000 per coin in the long run, and market traders, enthusiasts, and observers have come to note the discrepancies in the executive’s price projection of the cryptocurrency.
Although the flip in direction of his forecast seems controversial, Minerd’s position is both short-term and long-term and time will reveal whether his projections hold true or not.
Bitcoin May Draw on the Element of Surprise
While the volatility of Bitcoin and the entire cryptocurrency market make price predictions a bit tricky, there is a possibility that Bitcoin will usher in the element of surprise as the days roll by. There are expectations that COVID-19 stimulus news will spark interest in Bitcoin bulls to amass and take a long position with the coin taking a cue from the bullish surges previous similar packages stirred.
Should this happen, Bitcoin may retrace its bearish moves and aim at the meeting and surpassing of its historic highs.
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