The CIO of the multi-billion dollar investment firm Guggenheim Partners, Scott Minerd, thinks that Bitcoin is going to have a hard time staying above $30,000.
During an interview with Bloomberg Television yesterday, Minerd commented that he doesn’t believe the institutional investor base of Bitcoin was “big enough” nor “deep enough” to account for the current valuation. Several weeks ago, he mentioned that the price of BTC should be in the hundreds of thousands of dollars.
It is believed that increased demand from institutional investors was responsible for the cryptocurrency’s huge rise in the previous months, after MicroStrategy, Stanley Druckenmiller, and Paul Tudor Jones publicly declared that they’ve invested in Bitcoin.
In recent days, a JPMorgan analyst confirmed that a bearish outlook would probably be triggered if Bitcoin didn’t manage to sustain itself around the $40,000 mark. This would lead to steeper losses in the mid-term.