According to Ibna, quoting Rashatoudi, According to Guggenheim’s senior director of global investment, Scott Maynard, the world’s most popular cryptocurrency, bitcoin, should be 20 times more valuable than gold today based on its scarcity and value.
Minard told Bloomberg that the supply of bitcoins will be limited to 21 million coins, giving it an anti-inflation mark. He said the shortage of the token, along with the Federal Reserve’s unparalleled printing of money, indicates that its price should increase to $ 400,000. Our basic work shows that the value of bitcoin should be around $ 400,000. This is based on the shortage and relative evaluation of items such as gold as a percentage of GDP.
Guggenheim is one of the institutions that endorses the validity of Bitcoin as a reserve asset. Last month, the company booked 10 percent of its $ 5.3 billion big opportunity fund to invest in Grayscale Bitcoin Trust, a bitcoin-centric investment vehicle.
On Thursday, bitcoin sold above $ 23,000 and has remained close to that level ever since. Analysts attributed the increase to growing demand from investors in institutions such as Paul Todor Jones and Stanley Dracknmiller.
Earlier this week, the Chicago Board of Exchange announcer announced plans to launch cryptocurrency indexes next year in partnership with CoinRoutes, a New York-based trading software company. The exchange is set to provide data for several highly restricted cryptocurrencies in the market.