Moreover, Maynard saw the recent drop in the price of bitcoin below $ 50K after rising to nearly $ 65K as a sign of an incipient downward correction.
From his point of view, this behavior of the market environment is «a normal evolution in what constitutes a long-term upward trend» in the price of bitcoin.
Scott Maynard, chief investment officer at Guggenheim, has updated his February Bitcoin price prediction. He continues to be confident that in the coming years, cryptocurrency # 1 will rise in price to 600 thousand dollars, but now he points out that the digital asset will reach this level, having gone through a downward correction, during which it is able to fall in price to 20 30 thousand dollars.
Speaking about the level of 600 thousand dollars, when the capitalization of bitcoins exceeds $ 11 trillion, Maynard is sure that this will happen, since this is the amount estimated for the total global volume of gold – the classic competitor of cryptocurrency # 1.
Another well-known expert, investor Bill Miller, also sees a long-term positive trend for Bitcoin. He believes that the existing jumps in the price of bitcoin are a kind of «payment» for the benefits that this digital asset has. The investor is convinced that Bitcoin is not a financial «bubble», since «the supply of this asset is growing by only 2% per year, and the demand for it is increasing at a faster rate, several times greater than 2%.»
At the same time, Bill Miller called the rise in the price of bitcoin in December 2017 just a «bubble», since then cryptocurrency # 1 had not yet become as popular among a number of institutional investors as it happened in the fall-winter of 2020. Finally, comparing Bitcoin and gold, the investor called cryptocurrency # 1 «a better store of value than gold.»