Scott Minerd, Global Chief Investment Officer of Guggenheim Partners, gave his long-term projections for bitcoin during an interview on Bloomberg TV. His company had earlier filed an amendment with the U.S. SEC to allow its Macro Opportunities Fund the option to invest up to $500 million in Grayscale Bitcoin Trust.

While speaking with Scartlet Fu, Bloomberg TV’s Senior Editor of the Markets Desk, Minerd said that the company had an interest in Bitcoin. He went further to note that their interest in the digital asset is “tied to Fed policy and the rampant money printing that’s going on.” Even more interesting is the fact that Guggenheim decided to start allocating toward Bitcoin when its price was at $10,000.

With Bitcoin sitting at just over $20,000, Guggenheim still has plans to invest in the market. The global investment and advisory firm sees a price of about $400,000, basing its prediction on scarcity and other relative valuations.

Amazing, you know, over a very short period of time, how big run-up we’ve had, but having said that, our fundamental work shows that Bitcoin should be worth about $400,000.

Guggenheim’s entry into the crypto space will be just another addition to the industry. Asset management company Ruffler already had a 2.5% exposure to Bitcoin in November. Meanwhile, MassMutual exposed 0.04% of its general portfolio (about $100 million) to Bitcoin early this month.