During a July 9 interview with CNBC’s Brian Sullivan, Scott Minerd, chief investment officer at Guggenheim Partners Global, said that there’s no reason to own Bitcoin at the moment.
He's doubling down on his $10,000 call since he's convinced that the crypto market crash is far from over:
Look at where we are. I really do believe this is probably a crash, and a crash would mean we’d be down 70 to 80 percent. Let’s just say it’s between $10,000 and $15,000.”
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Minerd points to the fact that parabolic markets are “impossible” to sustain.
While one would think that a normal correction would not exceed 50 percent, the executive claims that the history of crypto points to a much deeper drawdown.
He advises speculators to aim for a lower price:
If you are going to be a speculator, speculate that it’s heading lower.
No change of heart
As reported by U.Today, Minerd opined that $10,000 would be Bitcoin’s “ultimate bottom” last month.
His comments came just days after the cryptocurrency plunged to a five-month low of $28,600, but managed to swiftly recover.
Despite Bitcoin’s resilience above the make-it-or-break-it $30,000 level, Minerd remains bearish on the leading cryptocurrency since he believes that it would be “very hard” for the market to reverse course after such a massive correction.
Bitcoin is currently trading at $33,479 on the Bitstamp exchange, down almost 49 percent from its April peak.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team