Scott Minerd, CIO of Guggenheim Partners A similar crypto washout. “There’s one more shoe to drop,” he warned. Nonetheless, executives are confident the crypto industry will move forward despite the collapse of crypto exchange FTX.
Guggenheim’s Scott Minerd Shares Crypto Outlook
Guggenheim Partners Global Chief Investment Officer Scott Minerd said in an interview with Bloomberg last week that We shared our thoughts on the future of cryptocurrencies after implosion. of crypto exchanges on FTX.
He was asked if he was confident that Bitcoin and cryptocurrencies could move forward given the impact of FTX, its ensuing contagion, and the recent decline in the cryptocurrency market. Minerd replied, “I will.”
The CIO then elaborated. “A year ago we were talking about cryptocurrencies and there were about 19,000 coins. My comment was, ‘This is mostly crap,'” he warned:
A washout occurs.
“Like the internet bubble, there are survivors. We will need a regulatory framework for that,” he opined. “I think we will move forward. I sold when the price of reached $40,000.
“There’s one more shoe to drop,” warned a Guggenheim executive, emphasizing, “I don’t know where it is.” Minerd said:
I think more will happen…and the reason is that we make money easily and speculate a lot. Because, like so many times, the weakest players drop first. Crypto was obviously a crazy thing.
Minerd was bullish on Bitcoin price in early 2021. At the time, he predicted that the cryptocurrency’s fair value would rise to around $600,000. But Guggenheim executives have grown less bullish over time.
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