Scott Minerd recently predicted that Bitcoin may reach USD 400,000. He said that it can happen shortly.
In recent days, Guggenheim Partners global chief investment officer Scott Minerd said that people are becoming frantic about Bitcoin’s growing popularity. He also doubled his recent price prediction, saying that Bitcoin may even reach USD 400,000.
The Wall Street giant filed a document with the US Securities and Exchange Commission (SEC) requesting approval to invest in Bitcoin. After doing that, the company has become significantly more bullish concerning the cryptocurrency.
Guggenheim Partners CIO said last month that the company’s analysis estimated that Bitcoin’s price should be 10 times its current position.
Some speculators have backed his prediction that Bitcoin may reach USD 400,000. Minerd recently reaffirmed his position in an interview on television channel CNBC.
Besides, he noted that people have started to pay more attention to the cryptocurrency, becoming frantic about it. He also believes that his prediction could have attracted attention regardless of the circumstances. “I once commented in an interview that it is really interesting. To be honest, I could have said that the US government is bankrupt, the Federal Reserve is insolvent, and Bitcoin will eventually cost USD 400,000. They would just talk about Bitcoin telling you something. It is becoming a little frantic,” said Minerd.
Biden’s USD 1.9 Trillion Aid Package Proposal Fails to Shake Bitcoin’s Market
The US dollar has been gaining ground following Joe Biden’s fiscal stimulus announcement leading Bitcoin’s two-day rally to stall.
Maybe it is a surprise that the Bitcoin market has not given a bullish response. The monetary stimulus is inflationary and people widely consider Bitcoin as a store of value.
At the moment, Biden’s announcement has not yet triggered a rebound in the prices of Bitcoin and cryptocurrencies. The price of the pioneering cryptocurrency has recorded a slight increase, but it is not what most of the market has been expecting.
Financial Advisor Requests the British Government to Ban Cryptocurrency Transactions
Veteran financial advisor Neil Liversidge requested the UK government to ban transactions in cryptocurrencies like Bitcoin (BTC).
Liversidge, who owns independent financial advisory firm West Riding Personal Financial Solutions, urged local financial authorities to halt crypto transactions in the UK.
“Legislate to ban companies or individuals residing in the United Kingdom from paying or accepting cryptocurrencies. Require the country’s regulators (the FCA and PRA) to prohibit UK financial institutions from making transactions in cryptocurrencies such as Bitcoin,” the petition says.
Citing a common anti-cryptocurrency narrative, the expert argued that cryptocurrencies like Bitcoin have no intrinsic value. He also said that they “can be a destabilizing influence on society and is often usesd in criminal activity.” He also believes that cryptocurrency mining is “harmful to the environment.”
The UK Government and Parliament posted on their website that the petition deadline is July 7th, 2021. Until now, there are a total of 112 signatures.
By Alexander Salazar