Guggenheim CIO Scott Miner’s apparent shift from bullish to bearish and back again on both sides of the Securities and Exchange Commission (SEC) filing regarding the investment of half a billion dollars in BTC is raising eyebrows on social media.
This comment was made after a meeting held on 31. In January, approximately $500 million in BTC was transferred from Coinbase to a number of private portfolios, matching the amount and effective date reported in the Securities and Exchange Commission (SEC) filing by Guggenheim Stock Trust.
I looked at the $14K BTC trade from earlier in the day.
Spread out over 8 nicely mixed fairs, with a few side trips at a bunch of other unrelated fairs.
~$14466BTC, which equals about $500 million pic.twitter.com/pXVUZdvRxv
– //Bitcoin ack (@BTC_JackSparrow) February 1, 2021
Before the filing, Minderd had problems with the 21. January made headlines when the BTC de-gapped and saw a full trajectory back to the 20,000 level and that it was unlikely to go higher until 2022.
In an interview with Bloomberg Television on 27. In January, he said that institutional demand for bitcoin is not large enough to keep it above $30,000.
But since the 31st. In January, Minerd significantly increased his high estimate of the price of bitcoin, saying in an interview with CNN on Tuesday that the price could reach $600,000, due to the scarcity and value of gold. This is an increase from his December estimate, which was based on research and analysis from Guggenheim Partners, which suggested that the fair long-term price of bitcoin would be around $400,000.
Convinced that they were witnessing a major discrepancy between publicly expressed sentiments that Guggenheim may have intentionally encouraged, many people took to Twitter and Reddit to point out Minerd’s seemingly contradictory statements, as well as their timing and significance.
Remember, Guggenheim wants you to sell #bitcoins so they can buy lower. They tried to scare the market into thinking the price would drop to $20,000, when they think it’s worth $400,000. https://t.co/B4woO5ULcW
– Alex Kruger (@krugermacro) 1. February 2021
Some have called it manipulation, others FUD, but there is no evidence that Minerd is doing anything other than reacting to rapidly changing events in the crypto-currency markets.
I’ve been saying it all along, said user Asher68W on Twitter. Guggenheim began buying bitcoins in December. When the price rose in January, Minerd covered BTC through the media to keep the price low until the purchase was completed.
Guggenheim Partners, a $275 billion financial services company, has decided to publicly invest in bitcoin by filing an application with the US Securities and Exchange Commission (SEC) in November 2020 to invest $500 million in the Grayscale Bitcoin Trust.
A request for comment from Guggenheim Investments, the global asset management arm of Guggenheim Partners, was not immediately answered.
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