The bitcoin currency witnessed a great demand by institutions and companies at the end of 2020, which was positively reflected on the price of bitcoin, which rose to high and record levels, double what it reached in 2017.

But will this rise continue?

According to Mr. Scott Maynard, CIO of Guggenheim, who said about institutional adoption and Bitcoin:

Institutional investment in bitcoin is not sufficient by itself to justify current bitcoin price levels.

I expect Bitcoin to go below the $30K level.

In an interview with “Bloomberg” conducted by “Scott Maynard” today, January 28, stated in which it says:

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At the moment, the reality of institutional demand that would support the $35,000 price or even $30,000 USD isn’t there […] I don’t think the investor base is large and deep enough at the moment to support this assessment.

Maynard, who manages more than $310 billion in assets, confirmed that he believes bitcoin remains a viable asset class in the long term.

It is worth noting that “Maynerd” predicted in December 2020 that the price of Bitcoin would reach the level of $ 400,000 per coin.

A month later, on January 20, Maynard stated that Bitcoin, after reaching a record high above $40,000, would fall back to the $20,000 level.

Institutional adoption has been the main narrative behind Bitcoin’s incredible rally throughout 2020, with BTC hitting an all-time high of around $42,000 at the start of the year before dropping to nearly $31,000.

Giant Blackrock has recently become the latest company to deal in cryptocurrency and companies like MicroStategy and Square have allocated huge amounts of cash in bitcoin to their Treasuries.

Cryptocurrencies are not the only speculative area of ​​the market that Maynerd is watching.

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He told Maynard that the froth surrounding underselling companies such as GameStop Corp will continue through the end of the first quarter of this year.

Maynard said in this regard:

It is not uncommon to see such pressures.

Now that we have all these little investors in the market and they see this kind of trading momentum, they see an opportunity to make money and that’s exactly the kind of foam we expect when you start getting close to the market audience.

He added:

While there is foam, while ratings are extended, these are poor timing tools, so this may go on for a long time.

Despite his current integration into the bitcoin market, SkyBridge Capital founder Anthony Scaramucci believes this is the new era for small investors, with Scaramucci reporting that retailers are now increasingly avoiding Wall Street and launching stock rally like recently with… GameStop Inc shares, which is positive for Bitcoin.

Bitcoin price could receive a fresh boost as Federal Reserve (Fed) officials voted at the Federal Open Market Committee (FOMC) meeting on Wednesday to keep the fed funds rates near 0% and continue pumping $120 billion per month into bond buying as the economy recovers.

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This action will allow the creation of similar market conditions that helped Bitcoin continue to rise in 2020.

As further economic consolidation would raise the price of Bitcoin.

Bitcoin price is currently trading at around $31,700, up from an intraday low of $29,428 according to “Bitcoin.”Flying bird“.

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