Scott Minerd, Chief Investment Officer (CIO) of multi-billion greenback funding agency Guggenheim Partners, predicts the Bitcoin value might drop to $15,000.
In an interview with CNBC On June 25, Minerd stated that he thinks Bitcoin (BTC) might backside out between $10,000 and $15,000 throughout this drop.
According to Minerd, buyers “shouldn’t be in a hurry to put money into Bitcoin right now” and predict that Bitcoin might trade sideways for the subsequent few years earlier than the bull market returns.
In December of final 12 months, Guggenheim’s CIO commented to Bloomberg that his firm’s elementary evaluation put a valuation for Bitcoin at $400,000. Just a number of weeks later in January 2021, he advised CNBC that there was not sufficient institutional demand to carry Bitcoin on the $41,000 help (all-time excessive on the time) and BTC might flip round. again to $20,000. At the start of February, he went on to provide his highest value goal for Bitcoin at $600,000 on CNN.
In November 2020, simply earlier than Minerd made a bullish prediction for Bitcoin, Guggenheim submitted an modification to the US Securities and Exchange Commission (SEC) to make it potential to take a position as much as almost $500 million. into Bitcoin by the Grayscale Bitcoin Trust (GBTC).
Most just lately in May, Minerd wrote on Twitter: “Cryptocurrency has proven Tulipomania,” a reference to the Dutch tulip bubble of the 1600s, a time when the market crashed after an early interval. loopy physique.
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