Guggenheim finally opens its doors to the firm’s Bitcoin plans
Guggenheim is a $310 billion global investment firm that is able to put up to 10 percent of its Macro Opportunities Fund into Grayscale Bitcoin Trust shares. Guggenheim had filed it with the U.S. Securities and Exchange Commission and it was first disclosed in late November. This filing has now come into effect.
Although Bitcoin was incredibly bullish by reaching its all-time high of $400,000 in December, Guggenheim CIO Scott Minerd has poisoned on Bitcoin. Throughout January, he appeared on business news channels like Bloomberg and CNGC, to reek about Bitcoin.
On January 11, he tweeted saying that the bullish trend of Bitcoin was “unstable” and later said that it would drop to $20,000 on CNBC’s “Closing Bell”.
Recently Scott was a part of a Bitcoin interview with Bloomberg and there he commented that there will not be enough institutional demand for Bitcoin to avoid a major correction. Why did he take this sudden shift in his tone?
Economist and crypto analyst Alex Krüger assumed that Minerd wanted to convey to his audience that taking profits before Guggenheim could buy cheaper. Now that the financial services giant is getting in form, it will be interesting to see whether Minerd will change his tune in the coming days.
Elon Musk rallies turned out to be short-lived
While January has been extremely volatile, Bitcoin remains void as the recent Elon Musk rallies turned out to be short-lived.
In the last week, Elon Musk added #Bitcoin to his Twitter bio, after which Bitcoin reduced to $39,000. Yesterday, Elon Musk confirmed that he is a cryptocurrency believer in a Clubhouse interview and later Bitcoin rallied to $34,700. He stated that,
“I was a little slow on the uptake there, my apologies. I do at this point think Bitcoin is a good thing and I am a supporter of Bitcoin…I think bitcoin is on the verge of getting broad acceptance by the conventional finance people.”
