After the market collapsed, Guggenheim Chief Investment Officer Scott Minerd believes there is much more risk to crypto market. He believes the price of bitcoin will decrease to $8,000.
Guggenheim Connects the Dots of Bitcoin and Cryptocurrency
“We are watching crypto collapse the way it is,” Minerd stated, referring to the latest crypto market slump. I believe it has a greater risk.”
He was asked how much greater risk there was. “When I look at bitcoin, which has outperformed everything else in terms of technicals,” the Guggenheim CIO explained:
When you continually break below $30,000, $8,000 is the ultimate bottom, so I believe we have a much more adverse room, especially now that the Fed is being tight.
Let’s face it, the majority of these currencies are rubbish, not currency. The vast bulk of cryptocurrency is worthless. As a result, there will be survivors,” he continued. Minard was questioned if bitcoin was rubbish, despite the fact that there are over 19,000 cryptocurrencies. He responded, “
I believe that Ethereum and Bitcoin will survive.
He went on to say, “I don’t think you’ve seen the dominating player in crypto yet.”
“This is like the Internet bubble,” Minerd said, referring to the early 2000s dot-com bubble. “If we were still in the internet bubble, we’d be raving about how terrific victors Yahoo and America Online were,” he remarked. “On everything else, we couldn’t tell you whether Amazon or Pets.com would win.”
A currency must be a store of value, a means of trade, and a unit of account, he explained. “I don’t believe we have had the appropriate prototype for crypto yet,” he remarked, adding that “none of these things pass, they don’t even pass on one basis” for crypto.
Also Read: Mike Novogratz issues a Warning to Crypto Traders Claiming that Altcoins are on the Verge of another 70% Drop
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