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Scott Minerd: institutional investor demand for bitcoin is not enough to support the price

Investment Director at Guggenheim Partners Scott Minerd expects BTC to depreciate soon – in his opinion, demand from large investors is insufficient to support the price.

In an interview with Bloomberg, Minerd noted that bitcoin’s institutional investor base is still too small:

“At the moment, there is simply no such institutional demand for the rate to rise to $ 35,000. It is not even in order to keep the price of BTC above $ 30,000. I do not think that the investor base is how big to support such a capitalization of bitcoin.”

Minerd stressed that he still believes in the growth of bitcoin in the long term, but expects the rate to continue to decline in the near future. According to him, such “sliding” is quite common.

“Now we see small investors in the market who are trying to make money from asset volatility. These are exactly the signs that testify to the asset’s gaining popularity, ”he said.

Earlier, Minerd said that the rate of the first cryptocurrency may well reach $ 400,000 in the long term.

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