Scott Minerd of "Bitcoin at $400K" calls for restraint after crypto runup
Jan. 15, 2021 4:07 PM ET Bitcoin USD (BTC-USD) By: Brad Olesen, SA News Editor 59 Comments
Guggenheim Global's CIO, Scott Minerd, among the more respective names to lend support for Bitcoin ( BTC-USD) over the past year, is recognizing that the move may have gone too far in the short term.
After tripling in 2020, Minerd, in an interview on Bloomberg TV Friday, pointed to his tweet earlier in the week in which he recommended investors "take some money off the table," noting that the currency's "parabolic rise" was "unsustainable" in the near term. Part of his rationale, he said in the interview, was the "sudden interest" from retail investors and that we had moved into a "speculative frenzy" near term.
He clarifies that his $400,000 target was based off his analysis of gold, and that crypto is more desirable than the metal.
Minerd manages the $5.3B Guggenheim Macro Opportunities Fund (GIOIX, GIOAX). Guggenheim in November announced that the firm would allow the fund to put up to 10% of its net asset value in the Grayscale Bitcoin Trust ( GBTC).
Minerd just last month raised some eyebrows with his call that Bitcoin could reach $400,000.
He is just one of the many investment managers who have lent support to the cryptocurrrency over the past 12 months. Other big names include One River Asset Management, the former White House Press Secretary Anthony Scaramucci, Blackrock, Microstrategy and Square, Stanley Druckenmiller, and, of course, Paul Tudor Jones who famously put a decent size chunk of his assets in the cryptocurrency. |
