Bitcoin (BTC) has bounced back above the $32,000 level today, but Guggenheim chief investment officer Scott Minerd believes that the current institutional demand is not sufficient to keep the price above $30,000 for long. Despite this view, Minerd continues to believe that the current downturn does not alter the long-term bullish story of Bitcoin.
While several institutional investors are turning positive on Bitcoin as a store of value, BlackRock (NYSE:BLK) CEO Larry Fink does not seem impressed. Fink pointed out the volatility and called Bitcoin “a very small market” that is affected by small-dollar investments. Although Fink said that “some form of a digitized currency is going to play a bigger role in the future,” he was unsure if it would be Bitcoin.