Guggenheim CIO Scott Minerd, in an interview on Bloomberg TV on Dec. 17, said that fundamental analysis put Bitcoin’s value at $400,000.

• Minerd put the valuation at $400,000 after taking into account Bitcoin’s scarcity and the relative valuation of gold as a percentage of GDP, saying that it “has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions”
• He has also cited the US Federal Reserve’s recent monetary policies as an influencing factor
• Minerd said that Guggenheim entered the market when Bitcoin was $10,000
• The program’s host were surprised to hear the evaluation, which has looked increasingly plausible with the recent Bitcoin rally that has resulted in the price breaching $23k
• Bitcoin’s rally would put it on the path to reach the six figure valuations predicted by market analysts; Willy Woo has targeted a possible $300k valuation in 2021, while S2FX model creator PlanB targets a range of $100k-288k