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Guggenheim CIO Scott Minerd’s apparent shift from bullish to bearish and back on either side of a SEC filing involving a half-billion dollar investment in BTC has raised eyebrows on social media.

The observation was made after approximately $ 500 million worth of BTC was moved from Coinbase to a series of private wallets on January 31, corresponding to an amount and an effective date in a SEC Submit by Guggenheim Funds Trust.

Ahead of the filing, Minerd made headlines on January 21 when he tipped that BTC would see a ‘full retracement back to the 20,000 level’, and that it was unlikely to increase before 2022.

In a interview with Bloomberg Television on January 27, he said the institutional demand for Bitcoin was not high enough to keep it above $ 30k.

But since January 31, Minerd has broadened its high-end price estimate for Bitcoin significantly, claiming it has the potential to hit $ 600,000 in a interview with CNN on Tuesday, based on the scarcity and value of gold. This was higher than his December estimate, based on research and analysis by Guggenheim Partners, who suggested The long-term fair price of Bitcoin is around $ 400,000.

Believing they were witnessing a major discrepancy in publicly stated sentiments that deliberately benefited Guggenheim, many took to Twitter and Reddit to Highlight Minerd’s seemingly contradictory statements, as well as their timing and meaning.

Some called it manipulation and others “FUDAlthough there is no evidence that Minerd is not just responding to fast moving events in the cryptocurrency markets.

“I’ve been saying this all along,” said user Asher68W on Twitter. Guggenheim started buying Bitcoin in December. “When the price rose in January, Minerd threw BTC on the media to keep the price down until he finished buying.”

Guggenheim Partners, a $ 275 billion financial services company, made the decision to publicly invest in Bitcoin with the filing of a SEC amendment in November 2020, which would be $ 500 million allocated for an investment in Grayscale Bitcoin Trust.

A request for comment from Guggenheim Investments, the global asset management division of Guggenheim Partners, was not immediately responded.

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