Scott Minerd, the lead investment officer for the large billion dollar investment firm Guggenheim Partners, has changed his previous prediction for bitcoin’s long-term trajectory.

During an interview with CNN, Minerd said, based on the company’s fundamental research, he thinks bitcoin might eventually hit $600,000 per bitcoin.

Minerd said Guggenheim has been researching bitcoin for nearly 10 years and in the past the scope of the market was “just not large enough to justify institutional funds.”

But, as Bitcoin’s total market got bigger – about the time the price passed $10,000 – it started to look “very interesting.”

“If you analyze bitcoin’s supply versus the supply of gold, and what the price of gold is, if bitcoin were to reach those levels, we would be seeing maybe $600,000 at the highest,” he stated.

However, Bitcoin’s fast rise within just weeks from $20,000 all the way to $40,000 “looks like short-term speculation,” he claimed. Even more so, the institutional market participation, while increasing, are not yet large enough to support current prices.

Yet, “Cryptocurrency has moved into the realm of respectability and will continue to grow in importance in the world economy,” Minerd said.

In statements last year, the investment officer had predicted that bitcoin would reach up to $400,000 eventually, based on these same reasons.

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