The value of the bitcoin will halve in the short term, but eventually the virtual currency will recover and climb to a value of 600,000 dollars. That predicts the American investment and advisory service Guggenheim Partners.
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Bitcoin has not been doing too well in the stock market since last weekend. On Friday, the value of the virtual currency plunged below 50,000 US dollars (about 41,500 euros), while last week it was worth around 65,000 US dollars (about 53,900 euros). Still, those large fluctuations can benefit bitcoin’s value in the long term. That predicts the American investment and advisory service Guggenheim Partners.
“Given the keen interest in bitcoin in the short term, stock market swings are very volatile, but bitcoin will eventually correct itself,” Scott Minerd, Guggenheim Partners’ chief investment manager, told CNBC on Wednesday.
Large fluctuations
According to him, the bitcoin will fall further to 20,000 to 30,000 US dollars. “That’s a halving in value, but we’ve seen such declines before,” he said. “The stock of bitcoins is growing by 2 percent every year and the demand for it is growing faster and faster. That’s all you need to know. It means that the value of bitcoin is going to rise. ”
Guggenheim Partners therefore predicts that the peak of the bitcoin value will be somewhere between 400,000 and 600,000 dollars. That would amount to a value between 331,700 and 497,500 euros. Still, it will not be a straight line to success, as bitcoin is characterized by its large fluctuations in value.
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