Jul 12, 2021 13:33 UTC
Jul 12, 2021 at 13:33 UTC
Asset Manager Guggenheim Lowers Bitcoin’s ‘Real Bottom’ Price Forecasting
Guggenheim CIO Scott Minerd has created another prediction regarding wherever the worth of bitcoin is, a lower estimate from his previous “real bottom” price prediction.
- The chief investment officer (CIO) of Guggenheim Partners, Scott Minerd, came back last week with another pessimistic prediction for bitcoin. Minerd is additionally the chairman of Guggenheim Investments, the worldwide asset management division of Guggenheim Partners, with approximately $270 billion in total assets under management.
- Minerd foreseen last month that the “real bottom” of bitcoin would be $15K, supported its technicals. He discounted the $10K price level at the time, calling that level “a very little extreme.”
- However, in an interview with CNBC Friday, Minerd hints that the $10K level is currently attainable. “When we glance at the history of crypto we tend to look into wherever we are,” he said:
“I really do believe this is often most likely a crash. And, you know, a crash would mean we’d be down 70%-80% that, let’s simply say that’s between $10,000 and $15,000.”
- The Guggenheim CIO also said that: “Put it this way, I wouldn’t be in an exceedingly hurry to purchase bitcoin and that I don’t see any reason to possess it without delay. If you’re aiming to be a speculator, speculate that it’s heading lower.”
- While Minerd frequently foreseen crashes and more sell-offs for bitcoin within the short term, he has maintained his long-run BTC worth prediction of $400,000-$600,000.
- Meanwhile, Guggenheim has been attempting to induce additional exposure to BTC. In June, the firm registered a fund that enables exposure to cryptocurrency. According to its filing with the U.S. Securities and Exchange Commission (SEC), Minerd is accountable for the day-after-day management of the portfolio.