Guggenheim Chief Investment Officer Scott Minerd Says there’s a lot more downside to crypto after the He predicts the price of bitcoin could fall to $8K.
Guggenheim’s Scott Minerd predicts future outlook for bitcoin, crypto
Bitcoin bearer Scott Minard, global chief investment officer of Guggenheim Partners, shared his recent predictions on bitcoin and the crypto sector in an interview with CNBC on Monday 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 has more downside.”
He was asked how much more downside.” When I look at bitcoin the technicals were better than anything,” explained the Guggenheim CIO.
Consistently below $30,000, $8,000 is the ultimate bottom, so I think there is still room for more downside, especially with the Fed being so restrictive.
“Honestly, most of these currencies – they are junk, not currency. The vast majority of crypto is garbage. So there will be survivors,” he continued.
Noting that there are over 19,000 cryptocurrencies, Minard was asked specifically if Bitcoin is junk. He replied.
I think Ethereum, I think Bitcoin will be the survivor.
“I don’t think you see a 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. He said, “If we were sitting here in the Internet bubble, we would be talking about how Yahoo and America Online were the great winners.”
“Other than that, it remains to be seen if Amazon or Pets.com will be winners.”
He explained that currency needs to be a stored value, a medium of exchange, and a unit of account.” I don’t think we had the right prototype for crypto yet,” he said, noting that for crypto, “none of these pass, they don’t even pass on one base.”
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