Guggenheim Chief Information Officer Scott Minerd made another prediction for Bitcoin’s price movement, which was lower than his previous “true bottom” price prediction.
- The Chief Investment Officer (CIO) of Guggenheim Partners, Scott Minerd (Scott Minerd) made another bearish forecast for Bitcoin last week. Minerd is also the chairman of Guggenheim Investments, the global asset management division of Guggenheim Partners, with total assets under management of approximately US$270 billion.
- Minerd predicted last month that, based on its technology, the “true bottom” of Bitcoin will be $15,000. He discounted the $10,000 price level at the time, calling it “a bit extreme.”
- However, in an interview with CNBC on Friday, Minerd stated that it can now reach the $10,000 level. “When we look back at the history of encryption and see where we are,” he said:
I really believe this might be a crash. And, you know, the crash means that we will fall by 70%-80%, assuming between $10,000 and $15,000.
- The Guggenheim CIO continued: “Let’s put it this way, I’m not eager to buy Bitcoin, and I don’t see any reason to own it now. If you are going to be a speculator, then guess that it will go lower.”
- Although Minerd continues to predict that Bitcoin will collapse and further sell off in the short term, he still maintains a long-term BTC price forecast of US$400,000-600,000.
- At the same time, Guggenheim has been trying to get more exposure to BTC. In June, the company registered a fund that allowed access to cryptocurrencies. According to its filing with the US Securities and Exchange Commission (SEC), Minerd will be responsible for the day-to-day management of the investment portfolio.
What do you think of Scott Minerd’s Bitcoin forecast? Let us know in the comments section below.
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