2 years ago
Guggenheim Chief Investment Officer Scott Minerd Says there’s a batch much downside to crypto aft the marketplace plunged. He has predicted that the terms of bitcoin could autumn to $8K.
Guggenheim’s Scott Minerd Predicts the Future Outlook for Bitcoin, Crypto
Bitcoin carnivore Scott Minard, planetary main concern serviceman of Guggenheim Partners, shared his caller predictions connected bitcoin and the crypto assemblage successful an interrogation Monday with CNBC astatine the World Economic Forum successful Davos, Switzerland.
Commenting connected the caller crypto marketplace decline, Minerd said: “We are seeing crypto illness the mode it is. I deliberation it’s got much downside.”
He was asked however overmuch much downside. “When I look astatine bitcoin, which the technicals person been amended than thing else,” the Guggenheim CIO explained:
When you interruption beneath $30,000 consistently, $8,000 is the eventual bottom, truthful I deliberation we person a batch much country to the downside, particularly with the Fed being restrictive.
“Let’s look it, astir of these currencies are – they are not currencies, they are junk. The bulk of crypto is garbage. So, determination are going to beryllium survivors,” helium continued.
Noting that determination are implicit 19,000 cryptocurrencies, Minard was asked specifically if bitcoin was junk. He replied:
I deliberation ethereum, I deliberation bitcoin volition beryllium survivors.
“I don’t deliberation you’ve seen the ascendant subordinate successful crypto yet,” helium further said.
“This is similar the Internet bubble,” Minerd noted, referring to the dot-com bubble of the aboriginal 2000s. “If we were sitting present successful the net bubble, we would beryllium talking astir however Yahoo and America Online were the large winners,” helium said. “Everything else, we couldn’t archer you if Amazon oregon Pets.com was going to beryllium the winner.”
He explained that a currency needs to beryllium a store value, a mean of exchange, and a portion of account. “I don’t deliberation we person had the close prototype yet for crypto,” helium said, noting that for crypto, “None of these things pass, they don’t adjacent walk connected 1 basis.”
What bash you deliberation astir Guggenheim’s Scott Minerd’s comments and predictions? Let america cognize successful the comments conception below.
Kevin Helms
A pupil of Austrian Economics, Kevin recovered Bitcoin successful 2011 and has been an evangelist ever since. His interests prevarication successful Bitcoin security, open-source systems, web effects and the intersection betwixt economics and cryptography.
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