Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners. It has more than $233 billion in assets under management, across fixed income, equity and alternative strategies. Recently, the Group announced that it believes in the potential of bitcoin (BTC) and that it plans to gain significant exposure to it.
Guggenheim wants to buy bitcoin (BTC), but keeps an eye on market conditions
On December 16, Scott Minerd, CIO of Guggenheim Partners and Global Chief Investment Officer of Guggenheim Investments, granted a interview to Journalist Scarlet Fu, Chief Markets Office Editor at Bloomberg. Their exchanges mainly focused on crypto and more particularly bitcoin (BTC). According to Minerd, despite the bear market and the challenges facing cryptos, bitcoin (BTC) will climb to $400,000.
This prediction bolsters Guggenheim Investments’ plan to buy the flagship crypto massively. But the company does not want to get started so quickly and plans to take its time to observe the markets more. In this sense, Minerd indicated that this project is linked to Fed policy and the ongoing rampant money printing. Hence the need to wait for more interesting market conditions.
For information, the official recently reported the findings of a Guggenheim report that many other crypto players should collapse.
“Our foundational work shows bitcoin should be worth around $400,000. Even if we had the opportunity to buy some today, we will watch the market and see how the trading is going, what valuation we have in the end to buy it”he said.
According to the head of Guggenheim Investments, this price prediction for bitcoin (BTC) is based on the scarcity of the flagship crypto and the similarities it has in common with gold. “You know, bitcoin actually has a lot of the attributes of gold. At the same time, it is an unusual value in terms of transactions”he explained.
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