Guggenheim Chief Investment Officer Scott Minerd Says there’s a lot more downside to crypto after the market plunged. His prediction is that bitcoin will fall as low at $8K.
Guggenheim’s Scott Minerd Predicts the Future Outlook for Bitcoin, Crypto
Scott Minard (Bitcoin bear) is the global chief investment officer at Guggenheim Partners. He shared his predictions about bitcoin and crypto in Monday’s interview with CNBC, Tuesday, during the World Economic Forum in Davos.
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.”
The question was posed to him: “How much do you think there is more upside?” “When I look at bitcoin, which the technicals have been better than anything else,” the Guggenheim CIO explained:
If your monthly earnings are below $30,000 every day, $8,000 will be the bottom. This is despite the Fed’s restrictions.
“Let’s face it, most of these currencies are – they are not currencies, they are junk. Most crypto is trash. So, there are going to be survivors,” he continued.
Minard was asked about bitcoin’s junkiness after he pointed out that over 19,000 crypto currencies exist. He responded:
Ethereum is my favorite cryptocurrency, but bitcoin seems to be the one that will survive.
“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.”
According to him, currency should be an account unit, medium of exchange and store value. “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? Please leave your comments below.
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