Scott Minerd confirms Bitcoin growth forecast to $ 400,000

Guggenheim Partners' chief investment officer Scott Minerd confirmed his forecast for Bitcoin at $400,000, but warned of a possible correction in BTC.

Scott Minerd noted that the market situation is likely to develop similar to the situation after the Spanish flu in 1918. Then, after the end of the epidemic, the economy began to develop rapidly. Although the epidemic affected the market, it did not affect gold prices.

"The $400,00 price I talked about was based off the supply of gold in the world, and crypto in a lot of ways is more attractive than gold," 

Minerd wrote.

At the same time, the investor believes that the last rise in the BTC rate could be caused by retail investors and now Bitcoin may be in a short-term consolidation phase:

"I think it's about retail investors. There is some speculative frenzy in the marketplace. It may be worth withdrawing some of the funds from cryptocurrencies."

Earlier that Scott Minerd stated that Bitcoin should be worth $ 400,000 in mid-December 2020.

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