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”.
Recently, when Bitcoin (BTC) crossed $41,500 levels, Minerd contradicted his own bullish prediction saying that it’s time for some profit-booking. However, the Guggenheim CIO clarified that it was for the short term and added that he still remains bullish on long term.
Bitcoin has also become a sudden hedge for investors to shield their investments against legitimate inflation as a result of numerous government’s effort to support economies and increase in spending due to the pandemic.
Guggenheim CIO Scott Minerd says that the rampant money printing by the Federal Reserve coupled with Bitcoin scarcity makes a favorable case for the BTC. Thus he expects BTC to skyrocket to $400,000 wherein it will be close to the global gold market cap.