Guggenheim"s Scott Minerd Sees a Lot More Downside to Crypto Market — Predicts Bitcoin Could Fall to $8K
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.” Tags in this story bitcoin price prediction, guggenheim, scott minerd bitcoin, scott minerd crypto, scott minerd cryptocurrency, scott minerd prediction
What do you think about Guggenheim’s Scott Minerd’s comments and predictions? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Rich Dad Poor Dad"s Robert Kiyosaki Thinks Bitcoin Could Bottom Out at $9K — Reveals Why He Remains Bullish MARKETS AND PRICES | 3 days ago Microstrategy CEO Expects Bitcoin to "Go Into the Millions" Despite Crypto Market Sell-Off MARKETS AND PRICES | 5 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleLUNA Investor Arrested for Knocking on Do Kwon’s Door After Losing $2.4 Million in Terra Crash Next articleBank of England’s Andrew Bailey Warns Bitcoin Has No Intrinsic Value, Not a Practical Means of Payment Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether