The price of bitcoin has been steadily on the increase as institutional investors are adding it to their portfolios as a hedge against fiat currency devaluation. As of 2:15pm PT the price of a bitcoin on the Coinbase Pro exchange is $21,328.
As Bitcoin surges to record highs, Scott Minerd of Guggenheim Investments believes the world's largest cryptocurrency's fair value still has a ways to go.
Bitcoin's scarcity combined with "rampant money printing" by the Federal Reserve mean the digital token should eventually climb to about $400,000, Minerd, the firm's chief investment officer, said in an interview. His comments came on the same day Bitcoin breached $20,000 for the first time, bringing its 2020 gain to 190%.
If the price doesn't plummet soon, it might prompt bitcoin foes to change their tact from "bitcoin is worthless and will soon die" to "bitcoin is evil and must be stopped." (By this website's count bitcoin has been declared dead 386 times since 2010.)