Bitcoin should be worth $400,000 based on its scarcity and value relative to gold, Guggenheim’s Scott Minerd told Bloomberg on Wednesday.
The digital asset rose 6%, to around $22,497, as of 8.22 a.m. GMT on Thursday, bringing its year-to-date return to just over 200%. Bitcoin rose above the $20,000 level for the first time in history only a day ago, meaning that its price gained 12% in two days.
The supply of bitcoin is limited to 21 million, giving it its anti-inflationary trademark. The token’s scarcity together with the Federal Reserve’s “rampant money printing” suggest its price should rise to $400,000, Minerd told Bloomberg.
Three major players are holding up the massive interest around bitcoin this year. That can be pinned down to enthusiasm from institutional investors, Wall Street professionals, and retail investor participation, according to Garrick Hileman, head of research at Blockchain.com.
According to Hileman, as many as 100 million people own crypto assets.
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