Guggenheim Chief Investment Officer Scott Minerd Says there’s a lot more downside to crypto after the market plunged. He has predicted that the price of bitcoin could fall to $8K.
Guggenheim’s Scott Minerd Predicts the Future Outlook for Bitcoin, Crypto
Bitcoin bear Scott Minard, global chief investment officer of Guggenheim Partners, shared his recent predictions on bitcoin and the crypto sector in an interview Monday with CNBC at the World Economic Forum in Davos, Switzerland.
Commenting on the recent crypto market decline, Minerd said: “We are seeing crypto collapse the way it is. I think it’s got more downside.”
He was asked how much more downside. “When I look at bitcoin, which the technicals have been better than anything else,” the Guggenheim CIO explained:
When you break below $30,000 consistently, $8,000 is the ultimate bottom, so I think we have a lot more room to the downside, especially with the Fed being restrictive.
“Let’s face it, most of these currencies are – they are not currencies, they are junk. The majority of crypto is garbage. So, there are going to be survivors,” he continued.
Noting that there are over 19,000 cryptocurrencies, Minard was asked specifically if bitcoin was junk. He replied:
I think ethereum, I think bitcoin will be survivors.
“I don’t think you’ve seen the dominant player in crypto yet,” he further said.
“This is like the Internet bubble,” Minerd noted, referring to the dot-com bubble of the early 2000s. “If we were sitting here in the internet bubble, we would be talking about how Yahoo and America Online were the great winners,” he said. “Everything else, we couldn’t tell you if Amazon or Pets.com was going to be the winner.”
He explained that a currency needs to be a store value, a medium of exchange, and a unit of account. “I don’t think we have had the right prototype yet for crypto,” he said, noting that for crypto, “None of these things pass, they don’t even pass on one basis.”
What do you think about Guggenheim’s Scott Minerd’s comments and predictions? Let us know in the comments section below.
