Scott Minerd, chief investment officer of Guggenheim Investments, which manages over $230B, said that at current prices, Bitcoin is a severely undervalued asset.
In a conversation with Bloomberg TV, Minerd said his company started to invest in Bitcoin when it was priced at $10,000. According to him:
"Our fundamental work shows that Bitcoin should be worth about $400,000."
Guggenheim Investments analysts reached this conclusion based on two factors: the limited supply of Bitcoin and its value in relation to gold. According to Minerd, the crypto shares many common characteristics with the precious metal, but at the same time "has an unusual value in terms of transactions."
Minerd has also said that buying Bitcoins above $20,000 seemed "a little more challenging." He has also said he is impressed by the outstanding rise of the reference crypto in such a short time.
In late November, Guggenheim Investments filed a notice with the US Securities and Exchange Commission (SEC) that it could make an indirect investment in Bitcoin through Grayscale Trust via its Macro Opportunities Fund for a total of up to $500M.
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