The investment director of Guggenheim Partners believes that this is a very profitable time for cryptocurrency traders, but the market may continue to fall.
In an interview with Bloomberg, Scott Minerd said that it can be dangerous to invest in cryptocurrencies for the long term now. However, short-term traders can make notable profits. The businessman believes that the further fall of cryptocurrencies will help get rid of weak projects and make the industry stronger.
The investment director of Guggenheim Partners stressed that regulators around the world continue to put pressure on the cryptocurrency industry. In addition, large and well-known financial institutions continue to stay away from digital assets:
“I think the crypto markets will continue to deflate. We will likely see something similar to the collapse of the early 2000s dot-com bubble, with only winners and losers left in the end. So far, I don’t think that the system is completely cleared of weak projects.”
At the end of May, Minerd said that the rate of the first cryptocurrency could collapse to $8,000. So far, his forecast has not come true and BTC is now trading at $23,900.
Source: Bits
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