Guggenheim’s Scott Minerd Sees a Lot More Downside to Crypto Market — Predicts Bitcoin Could Fall to $8K

Guggenheim Chief Investment Officer Scott Minerd Says there’s much more draw back to crypto after the market plunged. He has predicted that the worth of bitcoin might fall to $8K.

Guggenheim’s Scott Minerd Predicts the Future Outlook for Bitcoin, Crypto

Bitcoin bear Scott Minard, international chief funding officer of Guggenheim Partners, shared his current predictions on bitcoin and the crypto sector in an interview Monday with CNBC on the World Economic Forum in Davos, Switzerland.

Commenting on the current crypto market decline, Minerd mentioned: “We are seeing crypto collapse the best way it’s. I feel it’s bought extra draw back.”

He was requested how rather more draw back. “When I take a look at bitcoin, which the technicals have been higher than the rest,” the Guggenheim CIO defined:

When you break beneath $30,000 persistently, $8,000 is the final word backside, so I feel now we have much more room to the draw back, particularly with the Fed being restrictive.

“Let’s face it, most of those currencies are – they don’t seem to be currencies, they’re junk. The majority of crypto is rubbish. So, there are going to be survivors,” he continued.

Noting that there are over 19,000 cryptocurrencies, Minard was requested particularly if bitcoin was junk. He replied:

I feel ethereum, I feel bitcoin can be survivors.

“I don’t suppose you’ve seen the dominant participant in crypto but,” he additional mentioned.

“This is just like the Internet bubble,” Minerd famous, referring to the dot-com bubble of the early 2000s. “If we had been sitting right here within the web bubble, we might be speaking about how Yahoo and America Online had been the good winners,” he mentioned. “Everything else, we couldn’t let you know if Amazon or Pets.com was going to be the winner.”

He defined {that a} forex must be a retailer worth, a medium of alternate, and a unit of account. “I don’t suppose now we have had the fitting prototype but for crypto,” he mentioned, noting that for crypto, “None of these items move, they don’t even move on one foundation.”

What do you concentrate on Guggenheim’s Scott Minerd’s feedback and predictions? Let us know within the feedback part beneath.