Market Musings

Crypto Analyst Ditches $400,000 Bitcoin Prediction — It’s Now Much Different

Published on:
February 3, 2021

Scott Minerd says there's a lot of room to run, but warns there's been a lot of short-term speculation.

Crypto Analyst Ditches $400,000 Bitcoin Prediction — It’s Now Much Different

Table of Contents

It’s getting very difficult to keep up with all of Scott Minerd’s predictions about Bitcoin.


Last December, the Guggenheim CIO said that Bitcoin could be worth up to $400,000 because crypto is becoming more respectable.


Then he warned that BTC may have already reached its high point for 2021 — claiming that there wasn’t enough institutional interest to keep prices above $30,000.


And now, Minerd has proclaimed that Bitcoin could one day surge to a staggering $600,000 if it manages to achieve a market cap that’s comparable to gold.


So. Many. Numbers.


Speaking to CNN’s Julia Chatterley, he added:

“I’m not saying we’ll ultimately get there, but that’s an indication of what might be a measure of fair value. That gives you a lot of room to run. But then, when you consider that within the course of a month we went from $20,000 to $40,000 on Bitcoin, that smacks of short-term speculation.”

Minerd went on to describe Elon Musk as a “visionary” following on from his glowing endorsement of Bitcoin.


All of these lofty valuations are linked to how Bitcoin has a fixed supply of just 21 million — meaning that, as adoption grows, there’s less to go around.


Over the past month, Grayscale Investments has continued to buy Bitcoin faster than it can be mined, and there are fewer than 2.5 million BTC left to discover.


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