Asset Class, Bitcoin, bitcoin market capitalization, BTC, guggenheim investments, institutional investor, Michael Geiger, scott minerd

As bitcoin struggles to kickstart yet another record-breaking rally, Scott Minerd, the CIO at Guggenheim Investments says this could be down to the inadequate institutional support. According to Minerd’s assessment, this lack of sufficient institutional investor support means it will be hard for bitcoin to trade above $30,000.

The CIO, however, thinks the viability of the crypto as “an asset class is still very likely.†In a short video, Minerd chronicles bitcoin’s rise and how the crypto initially did not have a large enough market capitalization to attract institutions.

However, after the crypto rose to $10,000, perceptions changed. The CIO explains:

Minerd, who has previously predicted a maximum price of $400,000 for the BTC, says the current investor base is not big enough to support a valuation above $30,000.

Asset Class, Bitcoin, bitcoin market capitalization, BTC, guggenheim investments, institutional investor, Michael Geiger, scott minerd

Not Everyone Agrees

However, not everyone agrees that bitcoin, which grew by more than 300% in 2020, will remain stuck at current prices. Michael Geiger, the CEO at a financial brokerage firm Libertex, disagrees with Minerd’s view. Geiger explains to News.bitcoin.com that “an overextension does not mean that bitcoin would permanently stay below the figure.†The CEO adds:

Meanwhile, despite Minerd’s comments, bitcoin has dropped below $30,000 only twice since January 1, 2020. At the time of writing, the crypto appears to have resumed its rally after it went past $37k handle for the first time since January 20.

Do you agree with Minerd’s prediction that BTC will struggle to stay above $30,000? You can tell us what you think in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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