Coindesk Logo

Guggenheim CIO Says Bitcoin 'Should Be Worth' $400,000

Guggenheim CIO Says Bitcoin 'Should Be Worth' $400,000

Guggenheim CIO Says Bitcoin 'Should Be Worth' $400,000

Minerd based his analysis on bitcoin's scarcity and relative value to gold.

Minerd based his analysis on bitcoin's scarcity and relative value to gold.

Minerd based his analysis on bitcoin's scarcity and relative value to gold.

AccessTimeIconDec 16, 2020, 8:19 PM
Updated Aug 19, 2021, 6:10 AM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Guggenheim Partners Chief Investment Officer Scott Minerd shocked Bloomberg TV hosts Wednesday afternoon when he said his firm's fundamental analysis shows bitcoin should be worth $400,000.

  • "Our fundamental work shows that bitcoin should be worth around $400,000," said Minerd. "Whoa!" responded one of the hosts.
  • That sky-high price target is based on two things, according to Minerd: the asset's scarcity and its relative value to gold as a percentage of gross domestic product.
  • "Bitcoin has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions," Minerd told Bloomberg TV.
  • Guggenheim made the decision to start allocating to bitcoin when the leading cryptocurrency was trading around $10,000, Minerd said.
  • Minerd said allocating to bitcoin, given its current price above $20,000, is "a little more challenging."
  • Guggenheim Partners manages more than $230 billion worth of assets.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.