Cryptocurrencies
Minerd Says Institutional Demand Can’t Justify Bitcoin’s Price
- Still sees viability of the asset class in the long run
- Says GameStop-style froth to continue through first quarter
WATCH: Guggenheim Global Chief Investment Officer Scott Minerd says the investor base for Bitcoin isn’t currently large enough for its price to rise to projected valuations. “The institutional demand that would support a $35K or even a $30K price is just not there,” he says.
(Source: Bloomberg)This article is for subscribers only.
Guggenheim’s Scott Minerd says institutional investors alone aren’t enough to sustain Bitcoin prices above $30,000.
“Right now, the reality of the institutional demand that would support a $35,000 price or even a $30,000 price is just not there,” Minerd, the firm’s chief investment officer, said in an interview on Bloomberg Television. “I don’t think the investor base is big enough and deep enough right now to support this kind of valuation.”