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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 the price at current levels.
Updated Sep 14, 2021, 11:02 a.m. Published Jan 28, 2021, 9:25 a.m.
Scott Minerd, chief investment officer of the multi-billion dollar investment firm Guggenheim Partners, believes bitcoin may struggle to stay above $30,000.
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In an interview with Bloomberg Television on Wednesday, Minerd said he doesn't think bitcoin's institutional investor base is "big enough" or "deep enough" to justify its current valuation. The comments come weeks after he publicly declared bitcoin's price should be in the hundreds of thousands of dollars.
“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,” he said.
Demand from institutional investors is said to have been the cause for the top cryptocurrency's astronomical rise in recent months, as the likes of Paul Tudor Jones, Stanley Druckenmiller and MicroStrategy said they had invested.
See also: Guggenheim CIO Says Bitcoin ‘Should Be Worth’ $400,000
Recently, a JPMorgan analyst said a bearish outlook could be triggered if bitcoin failed to claw its way back over $40,000, leading to steeper losses in the mid-term.
Starting in mid-December, the price of bitcoin soared 110% from $20,000 to $42,000 over a two-week period. Since Jan. 9, 2021, bitcoin's price has fallen 25% and is changing hands for around $30,960 at press time.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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