by Rushali 
Investment firm Guggenheim Partners, a multi-dollar investment firm’s, chief information officer, Scott Minerd has revised its prediction for the future of bitcoins.
On Tuesday, during an interview with CNN’s Julia Chatterley, he said that based on Guggenheim fundamental research, he believes Bitcoin could eventually climb as high as $600,000 per bitcoin.
Minerd said the firm has been looking at bitcoin for almost 10 years and previously the size of the market “just wasn’t big enough to justify institutional money.”
However, as the total market cap of bitcoin got bigger – around the time bitcoin’s price passed $10,000 – it started to look “very interesting.”
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He further said;
“If you consider the supply of bitcoin relative to the supply of gold in the world, and what the total value of gold is, if bitcoin were to go to those kinds of numbers, you’d be talking about $400,000 to $600,000 per bitcoin.”
But, the cryptocurrency’s rapid rise in just weeks from $20,000 to $40,000 “smacks of short-term speculation,” he said. Further, the institutional levels of market participation, while growing, aren’t yet big enough to support current price levels.
Yet, “Cryptocurrency has come into the realm of respectability and will continue to become more and more important in the global economy,” Minerd said.
Last December, he has predicted on the basis of the same reasons that the price of BTC can go up to $400,000.
