Insane Bitcoin Prediction – Guggenheim Partners is clearly bullish on Bitcoin. After taking a 10% stake – roughly $ 50 million – in Grayscale’s Bitcoin fund, Scott Minerd, its chief investment officer, stunned Bloomberg presenters by predicting a $ 400,000 Bitcoin.

A careful analysis

This staggering price would be derived from fundamental Guggenheim analyzes. According to Minerd, 2 metrics were taken into account to determine this price: the scarcity of the asset and its relative value compared to the ounce of gold. This is what Miner told Bloomberg.

“Our fundamental work shows that Bitcoin should be worth about $400,000,” Minerd told Bloomberg Television on Wednesday. “It’s based on the scarcity and relative valuation such as things like gold as a percentage of GDP. So you know, Bitcoin actually has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions.”

“Our fundamental work shows that Bitcoin should be worth about $400,000,” says Guggenheim’s Scott Minerd

— Bloomberg TV (@BloombergTV) December 16, 2020

A fundamental model based on scarcity and similarities to gold? This is strongly reminiscent of analyst PlanB’s Stock-to-Flow model.

Chart update: #bitcoin S2F (time series only) model. BTC price (red dots) moves nicely towards model line (white line), just like 2017 and 2013. And .. do I see a little orange?���

— PlanB (@100trillionUSD) December 15, 2020

To put it simply, remember that this model values ​​an asset according to its production. This same model predicts a continued appreciation of ElonDAO following halvings to arrive at monumental values.

This appetizing statement is obviously to be taken with a grain of salt (like all the others for that matter), since it comes in full ATH and comes from an actor already (strongly) positioned on Bitcoin.

Elon Musk Trolls Bitcoin on Twitter and Pumps Dogecoin by 20% 0

Musk is the new McAfee – Elon Musk looks bored as Christmas approaches. Tesla’s CEO attacked Bitcoin on Twitter and reiterated his love for Dogecoin.

Pump and dump with Musk sauce

This is not the first time that Elon Musk has spoken out on cryptocurrencies. It must be said that whenever this happens, we are dealing with an Elon Musk at the top of his troll.

Already, in April 2019, the CEO of Tesla changed his Twitter description to “Former CEO of Dogecoin” . As you might expect, the price of Dogecoin exploded in the process.

In July 2020, Elon Musk put the cover back, posting memes on Dogecoin. Result: another rise in the price of the Doge of 20%.

Movements that tend to recall the pump and dump that followed the “Coin of the Day” launched by McAfee in late 2017.

Tesla CEO continues his show

On December 20, Elon Musk reiterated his cryptocurrency habits, posting a most trolling tweet.

Bitcoin is almost as bs as fiat money

— Elon Musk (@elonmusk) December 20, 2020

“Bitcoin is almost as bad as fiat currencies . ”

Elon Musk’s Tweet

Following the attention obtained by his tweet and the various sterile debates that followed this umpteenth troll, Elon Musk returned to the charge with his beloved Dogecoin.

One word: Doge

— Elon Musk (@elonmusk) December 20, 2020

For once, the Doge’s price soared without reason in the wake of this tweet, with an increase of 20%. Will Elon Musk always pull off this magic trick?

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