Guggenheim CIO Says Institutional Demand Not There to Sustain Bitcoin Above $30K

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Scott Minerd, chief investment officer at billionaire investment firm Guggenheim Partners, believes Bitcoin may struggle to stay above $ 30,000.

In an interview with Bloomberg Television on Wednesday, Minerd said he doesn’t believe Bitcoin’s institutional investor base is “big enough” or “deep enough” to warrant its current valuation. The comments come weeks after he publicly stated that Bitcoin should be priced at hundreds of thousands of dollars.

“Right now, the reality of institutional demand that would support a price of $ 35,000 or even $ 30,000 is just not there,” he said.

Recently, a JPMorgan analyst said that if Bitcoin doesn’t get back more than $ 40,000, a bearish outlook could be triggered, leading to steeper losses in the medium term.

Starting in mid-December, the price of Bitcoin rose 110% from $ 20,000 to $ 42,000 in two weeks. Bitcoin price has fallen 25% since January 9, 2021 and is changing hands for around $ 30,960 at the time of going to press.