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Guggenheim Investments Increases Bitcoin Fair Value Estimate — Says BTC Price Could Reach $600K – Markets and Prices Bitcoin News

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Kevin Helms

Guggenheim Global Chief Investment Officer Scott Minerd has increased his bitcoin fair value estimate. He now says that the price of the cryptocurrency could reach $600K based on his firm’s fundamental research. Guggenheim’s SEC filing to invest half a billion dollars in bitcoin became effective early this week.

Guggenheim’s Scott Minerd Says Bitcoin’s Price Could Reach $600K

The chief investment officer (CIO) of Guggenheim Partners, Scott Minerd, talked about his new bitcoin price prediction in an interview with CNN Tuesday. Minerd is also the chairman of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. As of Dec. 31, 2020, Guggenheim Investments had more than $246 billion in total assets across fixed income, equity, and alternative strategies.

Minerd began by discussing the current monetary policy against the backdrop of more stimulus, bubbles in the stock market and other speculative assets, as well as the Gamestop saga. “I think we are in a speculative bubble,” he conveyed. “It could go on for quite a while.”

Regarding bitcoin, Minerd said that Guggenheim has been studying the cryptocurrency for almost 10 years. “The size of the market just wasn’t big enough to justify institutional money,” he opined, adding that “As the total market cap of bitcoin got bigger … it started to look very interesting.”

He proceeded to talk about bitcoin’s price and valuation. “We do a lot of fundamental research,” he emphasized. “If you consider the supply of bitcoin relative, let’s say, to the supply of gold in the world … If bitcoin were to go to those kinds of numbers,” the Guggenheim CIO explained:

You’ll be talking about $400K to $600K per bitcoin … That’s an indication of what might be a fair value. That gives you a lot of room to run.

However, Minerd cautioned, “I don’t really see the institutional support today, which is just coming online from the likes of people like Blackrock and Guggenheim and other large institutional investors, being enough to support the valuation at its current level.” Pointing out that bitcoin has “had a setback of 50% from its high,” he asserted, “I wouldn’t be surprised to see that happen again.”

Nonetheless, Minerd concluded:

Cryptocurrency has come into the realm of respectability and will continue to become more and more important in the global economy.

The Guggenheim CIO appeared bullish about bitcoin in December, when he predicted that the price of BTC could reach $400K. However, he subsequently focused on the negative aspect, stating that bitcoin’s parabolic price rise was “unsustainable.” He also advised investors to sell their coins. Several people immediately pointed out on social media that Guggenheim had not bought BTC at that time. The asset management firm filed with the U.S. Securities and Exchange Commission (SEC) to invest in bitcoin via Grayscale’s bitcoin trust; its filing became effective at the end of January. Some people believe that Minerd attempted to manipulate the price of BTC in order for his firm to buy low.

Another asset manager that recently talked about bitcoin exceeding the market cap of gold is One River Asset Management. CEO Eric Peters expects the price of bitcoin to exceed $500,000.

What do you think about Guggenheim’s bitcoin prediction? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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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‘In Terms of Dollars Bitcoin Is Going to Infinity,’ Says Kraken CEO – Markets and Prices Bitcoin News

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Jamie Redman

While bitcoin prices have been coasting along between $46k to $48k during the last three days a number of proponents are still bullish about the crypto asset’s long-term value. On Thursday, Kraken CEO Jesse Powell said that he thinks bitcoin could easily reach a million-dollar valuation per coin. “When you measure it in terms of dollars, you have to think it’s going to infinity,” Powell insists.

Bitcoin to Infinity and Beyond

During the last few weeks as bitcoin (BTC) prices saw a climactic rise above the $58k handle a number of crypto proponents and analysts think BTC could region six-digits in USD value. There have been a lot of calls suggesting BTC will reach $100k this year and even people who say it could hit $200 to $350k per unit.

After bitcoin touched an all-time high (ATH) on February 19, 2021, on Thursday the CEO of the cryptocurrency exchange Kraken told Bloomberg reporter Lynn Thomasson that he believes the leading asset could make it to $1 million someday.

$1 Million per BTC in 10 Years: 'In Terms of Dollars Bitcoin Is Going to Infinity,' Says Kraken CEO
In 2011, Kraken founder Jesse Powell visited the offices of the bitcoin exchange Mt Gox after the Japanese company’s 2011 security breach. Powell told Bloomberg that he started working on Kraken as a replacement for Mt Gox when he started the exchange ten years ago. Ten years from now, Powell thinks bitcoin could tap a $1 million per unit price tag.

Not too many people call seven-digit BTC prices but Jesse Powell, Kraken’s CEO said; “We can only speculate, but when you measure it in terms of dollars, you have to think it’s going to infinity.”

The founder of the San Francisco trading exchange said that “true believers” think BTC could replace all the global currencies. “The true believers will tell you that it’s going all the way to the moon, to Mars, and eventually, will be the world’s currency,” Powell detailed in his recent interview.

Powell also disclosed that the company Kraken is considering an initial public offering (IPO) next year following the footsteps of the popular crypto exchange that’s also located in San Francisco, Coinbase.

Kraken Research: ‘Long-Term Trends Show We Are Still Far Away From a Major Market Cycle Top’

Kraken also published a February 2021 market recap on Friday, which looks at a number of key takeaways. A few of them being, BTC’s Logarithmic Regression Retracement data, bitcoin’s price returns, and volatility, alongside other digital assets in the crypto economy.

“Historic price action shows that bitcoin bull market corrections typically retrace between 70-90%,” Kraken’s researchers wrote on Friday. “When examining long-term trends, our analysts conclude we are still far away from a major market cycle top.”

Powell is also optimistic about BTC’s steady rise and the leading crypto asset’s value against the U.S. dollar. “[The U.S. dollar] is only 50 years old and it’s already showing extreme signs of weakness, and I think people will start measuring the price of things in terms of Bitcoin,” Kraken’s Powell concluded.

What do you think about the Kraken CEO’s prediction that BTC could reach a million dollars per unit? Let us know what you think about this subject in the comments section below.

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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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Polkadot’s Gavin Wood to Give Lecture Series as Part of UC Berkeley Blockchain Curriculum – Blockchain Bitcoin News

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Reuben Jackson

University of California, Berkeley and Parity Technologies are joining forces on several blockchain fronts, including educational development and awareness, by leveraging Parity’s expert team and the Substrate framework as knowledge-building resources.

UC Berkeley Blockchain Xcelerator Partners with Parity to Promote Blockchain Adoption

To bring more resources to the University of California, Berkeley community and Blockchain Xcelerator, Parity Technologies and the academic institution are expanding existing ties by forming a resource-rich educational framework for the 2020-2021 academic year.

This deepening cooperation follows Berkeley Blockchain Xcelerator’s existing familiarity with Parity and Polkadot ecosystem startups through its program, which has already accelerated 45 high-value blockchain projects since its inception in 2019. These growing ties will see the Parity development team help expose the University’s students to innovation through a multi-pronged approach, starting with efforts centering on a blockchain curriculum.

Parity’s Substrate blockchain-building framework and Polkadot’s second-generation protocol will play a significant role in this educational effort given their usefulness as tools and utilities in the ever-expanding ecosystem. Additionally, Parity’s involvement will cover the advancement of new project ideas and exploration of other valuable educational angles to improve the community’s overall blockchain-engagement.

Taking a Hands-On Approach to Blockchain Guidance

One of the noteworthy developments in this new partnership will be a lecture delivered by Dr. Gavin Wood. Wood, a co-founder of Parity Technologies and the Polkadot network, is well-known within blockchain circles. In his previous role as Ethereum’s CTO and co-founder, he was responsible for designing the Solidity language alongside the Ethereum Virtual Machine.

Dr. Wood will be taking part in the A. Richard Newton Distinguished Innovator Lecture Series in March of 2021, granting the Berkeley community a unique opportunity to tap into his breadth of experience.

According to Dr. Wood,

Blockchain innovation moves fast, and as we advance this industry beyond legacy networks into next-generation, production-grade blockchains like Polkadot, it is critical that the next generation of coders, engineers, and entrepreneurs are up to speed on what it takes to make it in this competitive space. If we are to achieve the Web 3.0 vision I outlined in 2015, students like Berkeley’s must-see an alternative to the traditional Silicon Valley Web 2.0 world they are used to diving into straight out of school.

Besides exposing community members, faculty, and students to next-generation technologies via educational programming and the lecture, Parity intends to deepen its support for the Berkeley Blockchain Xcelerator. This advisory effort will include consultations on Polkdaot development and the growing Web3 ecosystem. To date, Xcelerator has already nurtured several projects designed for the Polkadot network. These include decentralized finance (defi) ecosystem Acala and Stake Technologies, which delivers smart contract capabilities.

How far do we think we are from a full-blown blockchain degree? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Epicenter Podcast

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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Bitpay Lets Merchants Accept DOGE, Coinflip’s 1,800 ATMs Now List the Crypto – Altcoins Bitcoin News

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Kevin Helms

Crypto merchant service provider Bitpay has added dogecoin to its list of supported cryptocurrencies. One of its merchants, the Mark Cuban-owned Dallas Mavericks has become the first in the network to accept the meme coin. Meanwhile, a major crypto ATM operator Coinflip has made dogecoin available for purchase at its 1,800 crypto ATMs nationwide.

Dogecoin Added to Bitpay’s List of Supported Cryptocurrencies

In an official announcement Thursday, the cryptocurrency merchant service provider detailed:

[Bitpay] today announced the rollout of dogecoin payments for merchants and consumers.

Dogecoin was started as an internet meme. However, it has grown to a near $10 billion market cap in recent months due to support from celebrities such as Tesla and Spacex CEO Elon Musk, Snoop Dogg, Gene Simmons, and Kevin Jonas.

Bitpay further revealed that “An early adopter of cryptocurrency, the Dallas Mavericks will be the first to accept dogecoin.” The Mark Cuban-owned team has been accepting bitcoin as a method of payment for game tickets and merchandise for almost two years.

Prior to the addition of dogecoin, Bitpay supported BTC, BCH, ETH, and XRP cryptocurrencies as well as USD coin, Gemini dollar, Paxos Standard, and Binance USD stablecoins. The announcement adds:

The Mavs use Bitpay to process all cryptocurrency purchases including tickets and merchandise with all top cryptocurrencies including BTC, BCH, ETH, USDC, GUSD, PAX and BUSD and now DOGE.

The owner of the Dallas Mavericks, Shark Tank star Mark Cuban, commented: “The Mavericks have decided to accept dogecoin as payment for Mavs tickets and merchandise for one very important, earth-shattering reason, because we can … We have chosen to do so because sometimes in business you have to do things that are fun, engaging and hopefully generate a lot of PR.”

For those who are not familiar with dogecoin and would like to learn more, Cuban advised, “we strongly encourage you to talk to your teenagers who are on Tik Tok and ask them about it. They will be able to explain it all to you.” Dogecoin has been pumped numerous times on several social media platforms, including Tik Tok. Spacex and Tesla CEO Elon Musk has also had his fair share of pumping the coin’s price with various tweets.

Coinflip’s 1,800 Crypto ATMs Support Dogecoin

A growing number of cryptocurrency ATMs now support dogecoin. Coinflip, a major crypto ATM operator, announced Monday that dogecoin has now been listed on its 1,800-terminal network. Coinflip then confirmed Thursday that “you can buy DOGE with cash at any of our 1,800 Coinflip locations nationwide.” CEO Daniel Polotsky opined:

Given its growing popularity and recent mass adoption, we are dedicated to making sure that dogecoin is a part of our portfolio of coins, and encourage further support of this cryptocurrency in the coming months.

What do you think about the growing popularity of dogecoin? Let us know in the comments section below.

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accept doge, accept dogecoin, bitpay doge, bitpay dogecoin, buy doge, coinflip doge, coinflip dogecoin, doge atm, dogecoin atm, merchants accept dogecoin, pay with doge

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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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