Scott Minerd, the chief investment officer at Guggenheim Investments, is a well-known bitcoin bull who has been betting big on the cryptocurrency for years. He recently told CNBC that although he believes the price of bitcoin will fall further—potentially to below $2,000—he doesn’t expect the cryptocurrency to fall any further. Speaking on CNBC’s Fast Money , Minerd said: “I think it’s possible that we end the year at $2,000, but I think it’s possible we end the year at $25,000.” He added: “I’m not projecting that, but that is possible.”
Guggenheim’s chief investment officer Scott Minerd warned on Monday that bitcoin and other cryptocurrencies are “the biggest bubble of our lifetimes” and that their values will eventually drop to zero. Minerd, however, remains bullish on the long term because he expects them to be used as currencies.
Contrary to popular opinion, the value of Bitcoin (BTC) is not dependent on what the Guggenheim Commodity Index (GCC) is doing. This is according to Guggenheim Investments CIO Scott Minerd, who in a recent interview with Bloomberg’s Tom McClellan stated that those who believe that BTC is correlated to the price of gold are “dangerously wrong.” Minerd says that in fact, the opposite is true. “I would say that if you look at the entire market, there are certain periods of time where that correlation does work, but it’s not as if people are moving in and out of bitcoin and into gold,” Minerd stated.Guggenheim’s chief investment officer, Scott Minerd, predicted more bitcoin sales. He also warned that it will take time for the cryptocurrency to return to its previous highs. In the long run, however, Minerd predicts that the price of bitcoin could reach $600,000.
Bitcoin’s fall will continue, according to Minerd
Guggenheim Partners Chief Investment Officer (CIO) Scott Minerd has made another bearish prediction about the price of bitcoin in the near term. Mr. Minerd is also President of Guggenheim Investments, the asset management and investment advisory arm of Guggenheim Partners. Guggenheim Investments manages approximately $270 billion in total assets and includes fixed income, equity and alternative strategies. On Tuesday, he told CNBC that bitcoin has yet to hit bottom, noting: This is where you can afford to be patient. All is not lost. He explained that bitcoin has been on an exponential trajectory and that it will take some time for the cryptocurrency to return to its previous highs. He thinks one of the obstacles for bitcoin will be the fact that some investors are now moving their capital from BTC to competing cryptocurrencies. Moreover, any market that grows exponentially automatically becomes unsustainable. I just looked at it and realized that given the magnitude of the move, which was essentially a mania or a bubble, traditionally after the peak of a bubble follows a 50% to 75% decline, says CIO. Minerd has been predicting a drop in the price of bitcoin for months. In April, he warned of a major correction in the cryptocurrency that could see the price drop by 50% to the $20,000 to $30,000 level. He said the price of BTC seemed very volatile at the time. Shortly after his prediction, the price of bitcoin dropped to $30,000. In the long run, however, the IT director predicts that the price of bitcoin could reach $600,000. If you look at the stock of bitcoins compared to, say, the stock of gold in the world….. You’re talking about $400,000 to $600,000 per bitcoin, he said in February. This is an indicator of the level of fair value. This gives you plenty of room to maneuver. Ultimately, he thinks Bitcoin and Ether will be the winners in the cryptocurrency market. What do you think of Guggenheim CIO Scott Minerd’s prediction about bitcoin? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.After Bitcoin hit a new high of $11,395.10 yesterday, CNBC Fast Money star Scott Minerd shared some of his thoughts on the crypto space in an interview with CNBC’s Bob Pisani. “I think that there is still more downside. I think that this is not done,” Minerd said in the interview. He added: “I think we’ve got a ways to go before we’re in a place where we’re saying ‘I love Bitcoin.’” Despite the recent sell-off, Minerd said that he is still a big Bitcoin bull. “I like Bitcoin,” he said in the interview. “I like the technology. I. Read more about scott minerd, guggenheim and let us know what you think.
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