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Guggenheim’s Scott Minerd Doesn’t See “Any Reason” to Own Bitcoin Right Now

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Fri, 07/09/2021 - 18:43
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Alex Dovbnya
Guggenheim’s Scott Minerd has doubled down on his $10,000 Bitcoin prediction
Guggenheim’s Scott Minerd Doesn’t See “Any Reason” to Own Bitcoin Right Now
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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.”      

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.   

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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. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.