Scott Minerd, the chief information officer of Guggenheim, warned that Bitcoin will “substantially correct” in the short term. He claimed that Bitcoin was “very bubble” and he predicted that the price of the cryptocurrency would fall by 50%.
Scott Minerd’s latest warning about Bitcoin
Scott Minerd, Chief Investment Officer (SIO) of Guggenheim Partners, once again made a bearish forecast for the price of Bitcoin.
Minerd is also the chairman of Guggenheim Investments, the global asset management and investment advisory arm of Guggenheim Partners. Guggenheim Investments’ total assets under management are approximately US$270 billion, involving fixed income, equity and alternative strategies.
In an interview with CNBC on Wednesday, he said that Bitcoin runs too fast, too fast. The administrative staff believes that:
Considering that we have taken large-scale actions on Bitcoin in the short term and things are very frothy, I think we will make major corrections on Bitcoin.
He continued: “I think we can bring the price of Bitcoin back to $20,000 to $30,000, a 50% drop, but the interesting thing about Bitcoin is that we have seen such a drop before,” he continued.
Nevertheless, Minerd pointed out that he believes that the major price correction is part of the “normal evolution of a long-term bull market.”
The CIO of Guggenheim maintains his long-term forecast that the price of Bitcoin may reach $600,000. He first revealed his high BTC price prediction in December last year. However, he then focused on bearish short-term trends. Earlier this month, he warned that Bitcoin would pull back and pointed out that it would be a good entry point for long-term investors.
What do you think of Scott Minerd’s “major correction” warning about Bitcoin? Let us know in the comments section below.
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