Scott Minerd, CIO of Guggenheim Partners, sees a cryptocurrency washout like the internet bubble. “There’s another shoe to drop,” he warned. Nonetheless, executives are confident the crypto industry will move forward despite the collapse of crypto exchange FTX.
Guggenheim’s Scott Minerd Shares Crypto Outlook
Guggenheim Partners Global Chief Investment Officer (CIO) Scott Minerd shared his thoughts on the future of cryptocurrencies after the implosion of cryptocurrency exchanges on FTX in an interview with Bloomberg last week.
He was asked if he was confident that Bitcoin and crypto could move forward given the impact of FTX, the ensuing contagion, and the recent decline in the crypto market. I answered.
The CIO then elaborated:
A washout will occur.
“Like the internet bubble, there are survivors. The digitization of currencies is still in its infancy and how this is evolving now will require a regulatory framework to justify it.” Let’s go,” he remarked. “I think we will move forward. I think this will shift to the general economy.”
According to Minerd, Guggenheim bought Bitcoin for $20,000. Bitcoin Reached $40,000.
“There’s one more shoe to drop,” a Guggenheim executive warned, but stressed, “I don’t know where it is.” Minerd explains:
I think there is more…and the reason is that this is the same as many periods when we had easy money and a lot of speculation and the weakest players drop first. was obviously crazy.
Minerd was bullish on Bitcoin price in early 2021.At the time, he said the fair value of cryptocurrencies was about $600,000But Guggenheim executives have grown less bullish over time. Bitcoin Down to $8,000 is possibleadvises investors to short cryptocurrencies.
What do you think of Guggenheim CIO Scott Minerd’s predictions? Let us know in the comments section below.
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