Guggenheim CIO Scott Minerd has warned of a “major correction” in bitcoin in the near future. Claiming that bitcoin is “very foamy,” he predicts a 50% drop in the price of the cryptocurrency.
Scott Minerd’s latest warning about Bitcoin
Guggenheim Partners chief investment officer (CIO), Scott Minerd, is back with another bearish prediction for bitcoin’s price.
Minerd is also the chairman of Guggenheim Investments, the global asset management and investment advisory arm of Guggenheim Partners. Guggenheim Investments has total assets under management of approximately $ 270 billion, spread over fixed income, equities and alternative strategies.
He said in an interview with CNBC on Wednesday that bitcoin has run too far, too fast. The executive was of the opinion:
Considering the huge stride we’ve had in bitcoin in the short term, things are very frothy and I think we’ll get a big correction in bitcoin.
“I think we can pull back to $ 20,000 to $ 30,000 on bitcoin, which would be a 50% drop, but the interesting thing about bitcoin is we’ve seen these kinds of drops before,” he continued.
Nevertheless, Minerd noted that he thinks the big price correction is part of “the normal evolution in what is a longer term bull market.”
Guggenheim’s CIO has maintained its long-term forecast that bitcoin’s price could reach $ 600K. He first revealed his high BTC price forecast in December last year. However, he then focused on bearish short-term trends. Earlier this month, he warned of a bitcoin withdrawal, noting that it will be a great entry point for long-term investors.
What do you think of Scott Minerd’s ‘big correction’ warning about bitcoin? Let us know in the comments below.
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