Skip to main content

Guggenheim CIO Scott Minerd Predicts More Bitcoin Sell-Off but Remains Bullish Long Term

Guggenheim CIO Scott Minerd Predicts More Bitcoin Sell-Off but Remains Bullish Long Term

The chief investment officer of Guggenheim, Scott Minerd, has predicted more sell-off for bitcoin. He also warned that it will take a while for the cryptocurrency to return to its previous highs. However, in the long term, Minerd has predicted that bitcoin’s price could rise to $600K.

Bitcoin Sell-Off to Continue, Minerd Says

The chief investment officer (CIO) of Guggenheim Partners, Scott Minerd, has made another bearish prediction for bitcoin’s price in the short term. Minerd is also the chairman of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. Guggenheim Investments has about $270 billion in total assets under management across fixed income, equity, and alternative strategies.

He told CNBC on Tuesday that bitcoin has not hit its bottom just yet, emphasizing:

You can afford to be patient here. There’s more to go.

He explained that bitcoin had gone “exponential” and it will take some time for the cryptocurrency to return to its previous highs. He believes that an obstacle to bitcoin will be that some investors are now moving capital away from BTC into competing cryptocurrencies.

Furthermore, “Any market that goes exponential is automatically unsustainable. I just looked at it and realized that given the size of the move, which was essentially a mania or a bubble, that traditionally you get 50% to 75%, declines coming out of the top of the bubble,” the CIO opined.

Minerd has been predicting a decline in the price of bitcoin for months. In April, he warned of a major correction in the cryptocurrency that could send its price down 50% to the $20K-$30K level. He said the BTC price at the time looked “very frothy.” Soon after his prediction, bitcoin’s price fell to the $30K level.

In the long term, however, the CIO has predicted that the price of bitcoin could reach $600K. “If you consider the supply of bitcoin relative, let’s say, to the supply of gold in the world … You’ll be talking about $400K to $600K per bitcoin,” he said in February. “That’s an indication of what might be a fair value. That gives you a lot of room to run.” He ultimately sees bitcoin and ether as “winners” in the cryptocurrency market.

What do you think about Guggenheim CIO Scott Minerd’s bitcoin prediction? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3oRbG9s
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more