Investment Manager Guggenheim Warns of ‘Major Correction’ in Bitcoin
Guggenheim CIO Scott Minerd has warned of a “major correction” in bitcoin in the near term. Claiming that bitcoin is “very frothy,” he is forecasting a 50% decline in the price of the cryptocurrency.
Scott Minerd’s Latest Warning About Bitcoin
The chief investment officer (CIO) of Guggenheim Partners, Scott Minerd, is back with another bearish prediction for bitcoin’s price.
Minerd is also the chairman of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. Guggenheim Investments has about $270 billion in total assets under management across fixed income, equity, and alternative strategies.
He said in an interview with CNBC on Wednesday that bitcoin has run too far, too fast. The executive opined:
Given the massive move we’ve had in bitcoin over the short run, things are very frothy, and I think we’re going to have a major correction in bitcoin.
“I think we could pull back to $20,000 to $30,000 on bitcoin, which would be a 50% decline, but the interesting thing about bitcoin is we’ve seen these kinds of declines before,” he continued.
Nonetheless, Minerd noted that he thinks the major price correction is part of “the normal evolution in what is a longer-term bull market.”
The Guggenheim CIO has maintained his long-term prediction that the price of bitcoin could reach $600K. He first revealed his high BTC price forecast back in December last year. However, he subsequently focused on bearish short-term trends. Earlier this month, he warned of a bitcoin pullback, noting that it will be a great entry point for long-term investors.
What do you think about Scott Minerd’s ‘major correction’ warning about bitcoin? Let us know in the comments section below.
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Author: Kevin Helms