Scotte Minerd (Guggenheim): Bitcoin (BTC) could fall to $ 8,000

Scotte Minerd (Guggenheim): Bitcoin (BTC) could fall to $ 8,000

As things go, bitcoin could fall as low as $ 8,000, which Scott Minerd blows. This investment manager at Guggenheim is predicting depreciation of up to 70% for the queen of cryptocurrencies. Say BTC was selling around $ 30,000 this morning.

Are we expecting a 70% drop in the price of bitcoin?

When you fall steadily below 30,000 [dollars]8,000 [dollars] The bottom line is, so I think we still have a lot of room downside, especially with the restrictive diet said Scott Minerd.

It is in these words that this investment director Guggenheim predicted a drop in bitcoin of about 70% if we take into account its price on Monday morning: about 30,000 dollars per piece. He shared these remarks with Andrew Ross Sorkin of CNBC during a “Squawk Box” interview at the World Economic Forum in Davos (Switzerland) last Monday.

And it’s not his first negative Bitcoin prediction.

Minerd is relying on a rising feed interest rate

If bitcoin continues to fall, that is why the US Federal Reserve has recently raised interest rates. This was accompanied by a tightening of its monetary policy.

What we do not know is that the price of bitcoin broke below the $ 30,000 mark in early May. It must be agreed that the King of Crypto struggling to break above this level, as it often falls behind $ 30,000.

If Minerd’s predictions come true, bitcoin and the cryptocurrency market (in general) will suffer greatly. Note that more than $ 500 billion in losses were recorded during April. And BTC alone has lost about 24% in the last 30 days.

Scott Minerd of Guggenheim also benefited from his intervention to downgrade other cryptocurrencies. In his view, most currencies » waste “. At the end of this crisis, only bitcoin (BTC) and ethereum (ETH) will survive.

Most of these currencies are not currencies, they are garbage ”he adds.

So is Elon Musk wrong in supporting DOGE?

However, he softened his scathing remarks, saying, ” I don’t think we’ve seen the dominant encryption player yet “.

Minerd compares the current crisis to the internet bubble of the early 21st centuryand century

If we were sitting here in the internet bubble, we would be talking about how Yahoo and America Online were the big winners. For the rest, we could not tell you whether Amazon or would be the winner. says Scott Minerd.

He then adds:

I don’t think we have the right prototype for crypto yet. »

Because all money must store value, and must be or be a means of exchange and a unit of account.

At the end, he says:

None of that works, they don’t even advance a coin. »

Not to despair, however, he calls for more technological research to change the situation. In fact, there is an urgent need to create an ecosystem where people become accustomed to using cryptocurrencies for transactions. And that the latter must be convinced that they are able to retain their value.

Curiously, Scott Minerd’s comments were released following the views of ECB President Christine Lagarde. Didn’t she say recently that cryptocurrencies ” which is worthless »? In response to the former finance minister about Sarkozy, we ask him if his son does not own cryptocurrency talk to him about his possessions from time to time.

Source: CNBC

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