CSE:HODL - Post Discussion
Post by
Bradwait on Dec 17, 2020 4:29pm
Bitcoin Worth $400,000, says Manager of $5.3 Billion Fund
Bitcoin worth $400K says Guggenheim's Scott Minerd - Crypto Roundup
- Bitcoin (BTC-USD) earlier today shot past $20K to a new record high nearly three years to the day after first surpassing that level. It's currently a few dollars above $20.8K.
- Scott Minerd is the chief investment officer for Guggenheim Investments and manager of the $5.3B Guggenheim Macro Opportunities Fund (GIOIX, GIOAX). They made news last month with a rule change which would allow the fund to put up to 10% of its net asset value in the Grayscale Bitcoin Trust (GBTC). Speaking to Bloomberg's Tom Keene today, Minerd says his team's fundamental work suggests Bitcoin should be worth $400K.
- To say that raised an eyebrow on Tom Keene is putting it lightly, but Minerd says his analysis is based on scarcity and relative valuation to things like gold. Bloomberg quickly threw things over to Jay Powell's conference, which touched upon things like the Fed's role with respect to climate change, its opinion on herd immunity, and, of course, endless QE. $400K Bitcoin, or the business of modern central banking - we'll leave it to you to decide which is crazier.
- Meanwhile, another hedge fund whale has emerged as One River Asset Management's Eric Peters expects to have about $1B invested in Bitcoin and Ether (ETH-USD) by early next year. One River is partly backed by Brevan Howard co-founder Alan Howard, who has been a fan of crypto for a couple of years. Peters: "There is going to be a generational allocation to this new asset class ... The flows have only just begun."
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