Guggenheim Investments’ Fundamental Analysis Reveals Bitcoin To Be Worth Around $400K

Guggenheim Investments’ Fundamental Analysis Reveals Bitcoin To Be Worth Around $400K

Fundamental Analysis conducted by Guggenheim Investments suggests that Bitcoin’s value would be about US$ 400 K. Regrets its decision of not investing in the coin when it was available for US$ 10 K only. Currently awaiting approval to be granted by US SEC for allowing it to invest in Bitcoin.

Scott Minerd, who is the Chief Investment Officer at Guggenheim Global, recently spoke about Bitcoin. He was being interviewed at Bloomberg Markets on Wednesday when he shared his viewpoint regarding Bitcoin’s price surging. During the interview, Minerd informed that Guggenheim Investments intended to pool investment in Bitcoin. He told that at least 10% of the overall macro fund of Guggenheim Investments was proposed to be injected in Bitcoin as an investment.

Guggenheim Investments had been a company 100% owned by Guggenheim Investments and provided services for assets management. It had been one of the world’s biggest assets management company having assets worth over US$ 230 billion under its management.

Minerd told Bloomberg that it was way back when the company decided to invest in the legendary coin. But due to the presence of high volatility in digital currency, the company was reluctant to invest funds, he stated. However, while looking at the prevailing phenomenal growth of cryptocurrencies, particularly Bitcoin, Guggenheim again embarked upon investing in crypto.

He also told that the company wanted to invest in Bitcoin when its price was around US$ 10,000. However, under the law, Guggenheim could not do so without prior approval from the US’s Securities & Exchange Commission (SEC). He apprised that the company’s application had been submitted before SEC which is pending approval. Once the approval is granted, then the company would immediately invest in Bitcoin.

He further said that but they had missed the perfect opportunity of investing in Bitcoin. He stated that the best time for investment was when Bitcoin’s price was very lower than that of today. He told me that it is better late than never and that they will be soon investing in Bitcoin. According to him because Bitcoin is tied with Federal policy therefore Guggenheim had developed a keen interest in Bitcoin.

He informed that he insisted upon the Board of Directors to invest in Bitcoin when it was for US$ 10,000. But he did not get the majority votes and therefore the company could not invest in Bitcoin. However, the current price range of Bitcoin is rather challenging but it will further move upward soon, he stated.

It was also apprised by Minerd that before the company could have invested in Bitcoin, it carried out an internal fundamental analysis of Bitcoin. He said that the analysis revealed that Bitcoin will soon be worth around US$ 400,000. The fundamental analysis was carried out to determine an estimation of Bitcoin in the near future. It would either be beneficial if they purchase Bitcoin now for US$ 23,000, more or less, informed Minerd.

But they needed the approval from US SEC, he concluded.