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

Scott Minerd, chief investment officer of the multi-billion dollar investment firm Guggenheim Partners, believes bitcoin may struggle to stay above $30,000.

In an interview with Bloomberg Television on Wednesday, Minerd said he doesnt think bitcoins institutional investor base is big enough or deep enough to justify its current valuation. The comments come weeks after he publicly declared bitcoins price should be in the hundreds of thousands of dollars.

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

Recently, a JPMorgan analyst said a bearish outlook could be triggered if bitcoin failed to claw its way back over $40,000, leading to steeper losses in the mid-term.

Starting in mid-December, the price of bitcoin soared 110% from $20,000 to $42,000 over a two-week period. Since Jan. 9, 2021, bitcoins price has fallen 25% and is changing hands for around $30,960 at press time.

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