News 
Coin Information 
About us 
Crypto investors have been closing monitoring Bitcoin (BTC) lately now that it has toppled the previous December 2017all-time high and breached $20,000 for the first time ever. Asset management firm Guggenheim Investments has recently revealed its valuation of the world’s largest cryptocurrency and said it should be worth around $400 million.
The company’s valuation of Bitcoin was revealed by Guggenheim Global Chief Investment Officer Scott Minerd on Wednesday on “Bloomberg Markets,” according to Bitcoin.com. The firm’s valuation came as BTC’s price smashed the previous record and even climbed past $23,000.
Guggenheim Investments is the global asset management and investment advisory arm of Guggenheim Partners with more than $230 billion in assets under management. The company recently revealed plans of investing 10 percent of its macro fund in Bitcoin.
At the moment, the company is still awaiting approval from the U.S. Securities and Exchange Commission (SEC) before it could push through with its plans to invest in the cryptocurrency. “We are not yet effective with the SEC. We are still waiting,” Minerd explained.
He also revealed that the company’s decision to invest in Bitcoin was tied to the Federal Reserve monetary policy. “Clearly, bitcoin, and our interest in bitcoin, is tied to Fed policy and the rapid money printing that’s going on,” Minerd said.
The company’s decision mirrors that of other firms, which already bought BTC as a hedge against inflation. There are concerns that the government’s response to print more money to help combat the economic effects of the COVID-19 pandemic could result in the devaluation of the dollar.
However, Guggenheim Investments originally planned to acquire BTC when it was still trading at $10,000. Now that its price has more than doubled, Minerd admits that pushing ahead with its plan to go into Bitcoin could be challenging.
“We made the decision to start allocating towards bitcoin when bitcoin was at $10,000,” the executive added. “It’s a little more challenging with the current price of $20,000. It’s amazing over a short period of time how big of a run we had.”
Minerd revealed that the company will ultimately buy BTC. “Having said that, our fundamental work shows that bitcoin should be worth about $400,000,” he said. “Even if we had the ability to do so [invest in bitcoin] today, we are going to monitor the market and see how trading goes, and valuation. But ultimately, we are going to buy it.”
Comment 1