The chief investment officer of the Guggenheim Partners investment firm, Scott Minerd, warned on Friday that Bitcoin could step down at $10,000 to $15,000. This February, the now-bearish expert was much more optimistic.
In the interview on CNBC, the expert of the multi-billion dollar investment firm said that investors shouldn’t be “anxious to be putting money in Bitcoin right now.” Minerd predicted that Bitcoin might be trading sideways for the next few years before the next bullish move in the market.
Last December, Minerd said Bloomberg that Guggenheim’s fundamental analysis put Bitcoin’s price target at $400,000. Just in a few weeks, in January 2021, he told CNBC that there wasn’t enough institutional demand to support Bitcoin’s record level of $41,000 and that it could decline to $20,000. But yet a month later, in February, he predicted on CNN his highest price goal for the cryptocurrency at about $600,000.
Last November, not far before Minerd’s first optimistic price prognosis, Guggenheim filed an amendment with the U.S. SEC regarding the ability to invest up to $500 million in Bitcoin via the Grayscale Bitcoin Trust (GBTC), a unit of CoinDesk’s parent company Digital Currency Group.
In May 2021, Minerd wrote on his Twitter account: “Crypto has proven to be Tulipomania,” referring to the Dutch tulip market bubble in the 17th century, when the market crashed swiftly after a period of speculative hype.