Scott Minderd of Guggenheim warned of a major correction in bitcoin in the near future. He claims bitcoin is very frothy and predicts a 50% drop in the price of the cryptocurrency.
Scott Minders Latest Bitcoin Warning
Guggenheim Partners Chief Investment Officer (CIO) Scott Minerd is back with a new bearish prediction for the price of bitcoin.
Mr. Minerd is also President of Guggenheim Investments, the asset management and investment advisory arm of Guggenheim Partners. Guggenheim Investments manages approximately $270 billion in total assets. The group’s total assets are $1.5 billion and are managed through various fixed income, equity and alternative strategies.
In an interview with CNBC on Wednesday, he said bitcoin had gone too far, too fast. The Executive Director advised:
Given the huge move we’ve made in bitcoin in a short period of time, things are very arrogant and I think we’re going to have a serious correction in bitcoin.
I think we could go back to $20,000 or $30,000 for bitcoin, which would be a 50 percent drop, but what’s interesting about bitcoin is that we’ve seen these kinds of declines before, he continued.
However, Mr. Minderd noted that he believes the underlying price correction is part of a normal long-term bull market development.
CIO Guggenheim stuck to his long-term prediction that the price of bitcoin could reach $600,000. He first revealed his high BTC price forecast in December last year. After that, however, he focused on downward short-term trends. Earlier this month, he warned of a pullback in bitcoin, noting that it would be a great starting point for long-term investors.
What do you think of Scott Minderad’s move into bitcoin? Let us know your comments in the section below.
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