Guggenheim CIO Says Institutional Demand Not There to Sustain Bitcoin Above $30K
Scott Minerd said he doesn't believe bitcoin's investor base is "big enough" or "deep enough" to keep price at current levels.
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Guggenheim CIO Scott Minerd has made another bearish prediction for short term Bitcoin prices. Guggenheim’s Scott Minerd has come out with another gloomy price outlook for Bitcoin stating that there is not enough institutional demand to keep the asset over $30,000.The chief investment officer of the financial services firm told Bloomberg Television the institutional investor base was not big enough to sustain the current prices.“Right now, the reality of the institutional demand that would support a US$35,000 price or even a US$30,000 price is just not there. I don’t think the investor....
As bitcoin struggles to kickstart yet another record-breaking rally, Scott Minerd, the CIO at Guggenheim Investments says this could be down to the inadequate institutional support. According to Minerd’s assessment, this lack of sufficient institutional investor support means it will be hard for bitcoin to trade above $30,000. The CIO, however, thinks the viability of the crypto as “an asset class is still very likely.” In a short video, Minerd chronicles bitcoin’s rise and how the crypto initially did not have a large enough market capitalization to attract....
Guggenheim Partners is part of the next wave of institutional investment firms looking to step into Bitcoin.
The CIO of Guggenheim is under fire on social media for expressing different views about Bitcoin, seemingly on either side of a big investment. Guggenheim CIO Scott Minerd’s apparent shift from bullish to bearish and back again on either side of an SEC filing pertaining to a half billion dollar investment in BTC has been raising eyebrows on social media.The observation was made after approximately $500 million in BTC was moved from Coinbase into a series of private wallets on Jan. 31, which corresponds with an amount and effective date in a SEC filing by Guggenheim Funds Trust.I looked in....
Guggenheim has registered a new fund with the U.S. Securities and Exchange Commission (SEC) that could have exposure to cryptocurrencies, particularly bitcoin. The filing came as the asset management firm’s chief investment officer repeatedly made bearish bitcoin predictions, calling cryptocurrency Tulipmania. Guggenheim Launching Fund Which Could Have Exposure to Bitcoin Guggenheim Funds Investment Advisors LLC filed a registration statement with the U.S. Securities and Exchange Commission (SEC) Tuesday for the Guggenheim Active Allocation Fund. Guggenheim Investments has about $270....