Guggenheim Chief Investment Officer: I firmly believe that Bitcoin can reach $400,000

Scott Minerd, chief investment officer of Wall Street giant Guggenheim Partners, said he still sticks to his Christmas 2020 Bitcoin price forecast, which is that it could rise to $400,000.

Scott Minerd is the founding partner, managing partner and chief investment officer of Guggenheim, who is mainly responsible for the company's investment strategy. The investment company currently manages more than $295 billion in assets. Scott Minerd also said that he believes that the market will flourish after the new coronavirus epidemic. By comparing this epidemic with the Spanish flu in 1918, Scott Minerd pointed out that we may be in a golden age of investment now. Although the Spanish flu had a negative impact of 6% on global consumption and GDP at the time, it had no impact on gold prices. He added: The $400,000 Bitcoin price I mentioned is based on the world's gold supply. In many ways, cryptocurrencies are more attractive than gold.

Some of our private funds have already bought Bitcoin...If you believe what I say that Bitcoin will eventually reach $400,000, then the proportion of Bitcoin in the portfolio should not be 2%, but 20%.