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According to well known investor Scott Minerd, it is not a good idea to get Bitcoin at this time for the reason that the price tag of the world’s most well-liked cryptocurrency could drop to $ten,000.
In an interview with CNBC, Scott Minerd – President of worldwide investment consulting and asset management enterprise Guggenheim Investments – warned that the Bitcoin marketplace is dealing with wonderful hazards.
According to him, it is pretty very likely that the price tag of the world’s most well-liked cryptocurrency will plummet to the threshold of ten,000 USD. For Mr. Minerd, there is no cause for reckless traders to pick to get Bitcoin at this level.
“Looking back at the history of cryptocurrencies, we know where we are. Bitcoin is really facing a big risk. That means the value of the cryptocurrency could drop by 70-80%, which is equivalent to hitting the $10,000-15,000 mark,” Minerd stated.
Currently, Bitcoin is trading at all around $33,000, 50% beneath its all-time large of practically $64,000 in April.
Bitcoin price tag plummeted as Chinese authorities launched a radical crackdown on cryptocurrencies. The United kingdom and US governments have also moved to restrict cryptocurrencies.
Mr. Minerd has repeatedly predicted the price tag of Bitcoin. In December, he informed Bloomberg that the price tag of Bitcoin could “touch the $400,000 mark.” In May, Mr. Minerd described “cryptocurrency as Tulipmania,” referring to the 17th century tulip speculative bubble.
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According to Zingnews
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