Guggenheim Partners Investment Director Scott Minerd believes that the correction of the cryptocurrency market is not over and the bitcoin rate may fall to $8,000 in the near future.
During conversation On CNBC’s Squawk Box, Scott Minerd opined that BTC could drop another 70% from current levels:
“When you break $30,000 repeatedly, the lowest point could be $8,000. So I think there is still room for a big drop, especially if the Fed gets tough enough.”
Minerd said that most cryptocurrencies are just “garbage”, but bitcoin and ether have long been entrenched in the digital asset market and therefore will survive. Although, in his opinion, a clear leader in the field of crypto assets has not yet appeared.
According to the investment director of Guggenheim Partners, the cryptocurrency market is now similar to the stock market in the dot-com era:
“You can say that bitcoin and ether are reminiscent of Yahoo and America Online. But you know the real winner during the dot-com bubble was Amazon. I don’t think there is a decent prototype among cryptocurrencies.”
Note that even at the beginning of last year, Minerd could be called a cryptocurrency enthusiast. However, he suddenly changed his attitude towards digital assets and now often opposes investing in cryptocurrencies.
Source: Bits
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