Guggenheim CIO Says Institutional Demand Not There to Sustain Bitcoin Above $30K

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Scott Minerd, primary financial investment police officer of the multi-billion buck investment company Guggenheim Partners, thinks bitcoin might battle to remain above $30,000.

In a meeting with Bloomberg Television on Wednesday, Minerd stated he really did not believe bitcoin‘s institutional investor base was “big enough” or “deep enough” to justify its current valuation. The comments come weeks after he publicly declared bitcoin’ s cost needs to remain in the thousands of countless bucks.

“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 stated.

Recently, a JPMorgan expert stated a bearish overview might be activated if bitcoin stopped working to claw its back over $40,000, leading to steeper losses in the mid-term.

Starting in mid December, the cost of bitcoin skyrocketed 110% from $20,000 to $42,000 over a 2 week duration.Since Jan 9, 2021 bitcoin’s cost has actually dropped 25% as well as is altering hands for around $30,960 at press time.