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Bitcoin should be worth $400,000, Guggenheim s Scott Minerd says
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Bitcoin breaches an all-time high of $20,000
Bitcoin, on Wednesday, rose over 6 per cent to $20, 676, an all-time high recorded in three years. The number one cryptocurrency surpassed its previous recorded peak of $19,864.15 recorded earlier this month.
Yasmin Ahmed | December 17, 2020 | Updated 14:15 IST
(Picture: Reuters)
Highlights
The value of bitcoin rose over 6 per cent to $20, 676 on Wednesday, an all-time high recorded in three years.
The rally in bitcoin comes after a 2017 spike in the digital currency when it rose by more than 900 per cent to come close to $20,000 by mid-December.
The price of bitcoin has surged by more than 400 per cent this year from a low point of around $3,600 in March 2020, according to reports.
Bitcoin surpassed US$21,000 for the first time, another milestone in whatâs been an eye-popping rally for the controversial digital asset this year.
The worldâs largest cryptocurrency surged as much as 10 per cent to US$21,293 in New York on Wednesday, vindicating forecasts that were scoffed at months ago and leading to even higher prognostications. Bitcoin has almost tripled this year, with the rally accelerating Wednesday after breaching US$20,000 earlier for the first time.
âWe have a new line in the sand and the focus shifts to the next round number of US$30,000,â said Antoni Trenchev, co-founder and managing partner of Nexo, a crypto lender. This âis the start of a new chapter for Bitcoin. Itâs a narrative the media and retail crowd can properly latch onto because theyâve been noticeably absent from this rally.â
(Representative image)
NEW DELHI: Bitcoin surpassed $20,000 for the first time, another milestone in what’s been an eye-popping rally for the controversial digital asset this year. The world’s largest cryptocurrency rose over 6% to $20,676 on Wednesday, vindicating forecasts that were scoffed at months ago and leading to even higher prognostications. Bitcoin has almost tripled this year.
The surge also caused a outage in a major US cryptocurrency exchange, Coinbase. Its retail and professionalfocused platforms were hit by connection problems and network congestion.
Bitcoin has surged despite a severe crash in March that saw it lose 25% amid the pandemic. Proponents have seized on the narrative that the coin could act as a store of wealth amid supposed rampant central-bank money printing, even as inflation remains mostly muted.
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Bitcoin should be worth $400,000, based on its scarcity and value versus gold, according to Guggenheim s Scott Minerd
Bitcoin should be worth $400,000, based on its scarcity and value versus gold, according to Guggenheim s Scott Minerd
Shalini NagarajanDec 17, 2020, 17:01 IST
Guggenheim s Scott Minerd.Lucy Nicholson/Reuters
Bitcoin should be worth $400,000 based on its finite supply and value compared with gold,
Guggenheim s
Scott Minerd told Bloomberg on Wednesday. Our fundamental work shows that bitcoin should be worth about $400,000, he said. It s based on the scarcity and relative valuation such as things like gold as a percentage of GDP.
His comments came on the day bitcoin crossed $20,000 for the first time.
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