Guggenheim’s Scott Minerd - "Bitcoin Should Be Worth $400,000"

As Bitcoin surges to record highs, Scott Minerd of Guggenheim Investments believes the world’s largest cryptocurrency’s fair value still has a ways to go.

Bitcoin’s scarcity combined with “rampant money printing” by the Federal Reserve mean the digital token should eventually climb to about $400,000, Minerd, the firm’s chief investment officer, said in an interview. His comments came on the same day Bitcoin breached $20,000 for the first time, bringing its 2020 gain to 190%.

“Our fundamental work shows that Bitcoin should be worth about $400,000,” Minerd told Bloomberg Television on Wednesday. “It’s based on the scarcity and relative valuation such as things like gold as a percentage of GDP. So you know, Bitcoin actually has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions.”