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Scott Minerd of Guggenheim predicts the future of Bitcoin and cryptocurrency
Bear Bitcoin In an interview with CNBC on Monday at the World Economic Forum in Davos, Switzerland, Scott Minard, global chief investment officer of Guggenheim Partners, discussed his recent projections on bitcoin and the crypto sector.
"We are watching crypto collapse the way it is," Minerd stated, referring to the latest crypto market slump. I believe it has a greater risk."
He was asked how much greater risk there was. "When I look at bitcoin, which has outperformed everything else in terms of technicals," the Guggenheim CIO explained:
"If you regularly break below $30,000, $8,000 is the ultimate bottom, so I believe we have a lot more downside room, especially with the Fed being tight."
"Let's face it, the majority of these currencies are rubbish, not money. The vast bulk of cryptocurrency is worthless. As a result, there will be survivors," he continued.
Minard was questioned if bitcoin was rubbish, despite the fact that there are over 19,000 cryptocurrencies. He responded, "
" I believe ethereum and bitcoin will survive."
"I don't believe you've yet seen the dominating player in crypto," he added.
"This is like the Internet bubble," Minerd said, referring to the early 2000s dot-com bubble. "If we were still in the internet bubble, we'd be raving about how terrific victors Yahoo and America Online were," he remarked. "On everything else, we couldn't tell you whether Amazon or Pets.com would win."
A currency must be a store of value, a means of trade, and a unit of account, he explained. "I don't believe we have had the appropriate prototype for crypto yet," he remarked, adding that "none of these things pass, they don't even pass on one basis" for crypto.
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