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Bitcoin price dominated the headlines in the early weeks of January, surging by more than 150% in three weeks. Although the bullish run has subsided in recent weeks, Guggenheim CIO Scott Minerd believes that bitcoin could hit $600,000 in the future.
Bitcoin True Value Is $600,000
Scott Minerd shared his opinion in an interview with American news outlet CNN on Tuesday. Minerd spoke about a diverse set of topics, including the recent Gamestop shares saga that has dominated the financial space in recent days.
When asked about his opinion on bitcoin, Minerd revealed that Bitcoin’s price is undervalued. He explains that considering the current supply of bitcoin and its vast market, a fairer value for BTC will be around $400,000 to $600,000.
Minerd also believes that short-term speculation played a role in the rise of bitcoin from $20,000 to $40,000. He also stated that the current influx of institutions towards bitcoin is insufficient to drive its price to its current levels and would not be surprised if the leading coin corrects within 50% of its current price ($36,000).
What’s Next For Bitcoin
Bitcoin price has remained stable in the past two weeks following the initial bull run. This has raised concerns from investors amid fears of a bearish pullback. Nevertheless, the fundamentals of bitcoin remain positive as institutions continue to accumulate BTC.
Business intelligence firm Microstrategy recently added 295 bitcoins to its portfolio, taking its total bitcoin assets to $2.4 billion. This purchase further echoes Minerd statements that bitcoin at its current state is undervalued.
Furthermore, analytical firm Glassnode revealed that the number of active bitcoin addresses reached a record high in January. A total of 22.3 million bitcoin addresses either received or sent BTC during this period. This is a significant bullish sign as it shows the growing level of interest in bitcoin. At the time of publication, bitcoin is valued at around $36,000 per unit with a market dominance of 62%.