Guggenheim says Bitcoin's going to $400k
Guggenheim decided to go HAM on all the other bitcoin price predictions and get their's right near the top of the pile
In an interview today, Guggenheim dropped some serious fire as it relates to bitcoin and their overall investing thesis for the big orange coin.
By the way, you may recall the name Guggenheim mentioned along with bitcoin not too long ago, and if you don't, you should.
They filed not long ago to buy up to $530 million in bitcoin via GBTC.
However, as was revealed today, that $530 million may well be small potatoes compared with what they ultimately decide to do.
In an interview today on Bloomberg they said something that shocked the interviewer and much of those watching...
Specifically, the CIO of Guggenheim said their fundamental analysis shows bitcoin is ultimately going to $400k.
Check it out:
(Source: https://twitter.com/100trillionUSD/status/1339301694673399809)
Why is that going to happen?
In the words of the Guggenheim CIO, it's mostly about scarcity and it's relative value to gold as a percentage of GDP.
A somewhat confusing sentence I know, but I think he sees what everyone else sees.
Fiat currencies are weak and likely to get weaker as the only way out of the current deflationary environment is massive money printing.
This printing will push their purchasing power lower and lower and those things priced in fiat higher and higher.
Plus, as Guggenheim also noted, it also has the added allure of being used in transactions as well.
When you put all this together you get a store of value capable of being a monetary system that should be worth $400k per coin over the coming years.
This news literally couldn't come at a better time...
(Source: https://twitter.com/tyler/status/1339400373283545088/photo/1)
Bitcoin was already in full on bull mode and news like this only causes more and more FOMO.
As I type bitcoin is looking like it's going to break $22k within the next few hours.
All this and it's not even 2021 yet!
Next year is going to be a lot of fun folks.
Stay informed my friends.
-Doc
You don't say?
My prediction is still at the top and stays there... I said short-term goal is $40k but that is just the first step to be worth so much in USD that even infinity is smaller number... Essentially USD will be worth less than 0 satoshis, and as we all know, you can't divide by zero...