{"id":15723,"date":"2022-12-22T02:52:32","date_gmt":"2022-12-22T02:52:32","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/guggenheim-cio-scott-minerd-warns-of-a-crypto-washout-similar-to-the-internet-bubble-markets-and-prices-bitcoin-news\/"},"modified":"2022-12-22T02:52:32","modified_gmt":"2022-12-22T02:52:32","slug":"guggenheim-cio-scott-minerd-warns-of-a-crypto-washout-similar-to-the-internet-bubble-markets-and-prices-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/guggenheim-cio-scott-minerd-warns-of-a-crypto-washout-similar-to-the-internet-bubble-markets-and-prices-bitcoin-news\/","title":{"rendered":"Guggenheim CIO Scott Minerd Warns of a Crypto ‘Washout’ Similar to the Internet Bubble \u2013 Markets and Prices Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Guggenheim Partners CIO Scott Minerd believes there is going to be a crypto washout similar to the internet bubble. \u201cThere\u2019s another shoe to drop,\u201d he warned. Nonetheless, the executive is confident that the crypto industry will move forward despite the collapse of crypto exchange FTX. <\/strong><\/p>\n

Guggenheim\u2019s Scott Minerd Shares Crypto Outlook<\/h2>\n

Guggenheim Partners Global Chief Investment Officer (CIO) Scott Minerd shared in an interview with Bloomberg last week his thoughts on the future of cryptocurrency following the implosion of crypto exchange in FTX.<\/p>\n

He was asked if he has confidence that bitcoin and crypto can move forward given the FTX fallout, subsequent contagion, and recent crypto market sell-offs. Minerd replied: \u201cI do.\u201d<\/p>\n

The CIO then proceeded to detail: \u201cA year ago we were talking about crypto, and there were approximately 19,000 coins, to which my comment was, \u2018this is mostly crap.’\u201d He warned:<\/p>\n

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There is going to be a washout.<\/p>\n<\/blockquote>\n

\u201cJust like the internet bubble, we will have survivors. The digitization of currency is just in its infancy, and how this evolves now is going to require a regulatory framework to legitimize it,\u201d he opined. \u201cI think we will move forward and I think this will transfer to the general economy.\u201d<\/p>\n

According to Minerd, Guggenheim bought some bitcoin at $20,000, which the investment management firm subsequently sold when the price of BTC<\/a> reached $40,000.<\/p>\n

While the Guggenheim executive warned, \u201cThere\u2019s another shoe to drop,\u201d he emphasized: \u201cI can\u2019t tell you where it is.\u201d Minerd elaborated:<\/p>\n

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I think there\u2019s more to come \u2026 and the reason is this is just like any number of periods where we had easy money and a lot of speculation \u2014 the weakest players fall first. Crypto was obviously something that is crazy.<\/p>\n<\/blockquote>\n

Minerd was bullish on the price of bitcoin in early 2021. At that time, he predicted that the cryptocurrency\u2019s fair value would increase to about $600,000<\/a>. However, the Guggenheim executive became less bullish over time. In May, he predicted that the price of BTC<\/a> could fall to $8,000<\/a>, advising investors to short sell the cryptocurrency.<\/p>\n

What do you think about the predictions by Guggenheim CIO Scott Minerd? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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