Alternative Investments/Digital: Guggenheim’s Minerd On Bitcoin – “This Is Probably A Crash”
Scott Minerd, CIO, Guggenheim Partners, thinks bitcoin could go as low as $10K.
Minerd has taken his previous, “real bottom” price of bitcoin a notch lower. Based on technical analysis, he said last month that bitcoin would likely find a base at $15K. On Friday, speaking on CNBC, Minerd said he now thought the leading cryptocurrency could plumb $10,000 depths. (Bitcoin.com)
Though Minerd is a diehard perma-bull with a long-term price projection for bitcoin of $400K – $600K, he doesn’t hesitate to call bear movements in the short term in the course of bitcoin’s rollercoaster ride on the charts.
Bitcoin: Crash and burn?
Minerd said in the course of the interview: “I really do believe this is probably a crash. And, you know, a crash would mean we’d be down 70%-80% which, let’s just say that’s between $10,000 and $15,000.”
“Put it this way, I wouldn’t be in a hurry to buy bitcoin and I don’t see any reason to own it right now,” he added. “If you’re going to be a speculator, speculate that it’s heading lower.”
However, there was also some positive news for bitcoin.
Capital’s investment in Microstrategy
Capital International, a division of Capital Group, the global investment management group that manages $2.2 trillion in assets (as of December 31, 2020), has placed a proxy bet on bitcoin.
In an SEC filing, it revealed that it had purchased 953,242 shares or 12.2% of the 7,782,568 shares of Microstrategy’s (NASDAQ: MSTR) Class A common stock.
Microstrategy was a pioneer among corporates that deployed their reserves in bitcoin to protect against the depreciation in the purchasing power of fiat currencies.
Currently, MSTR holds 105,085 bitcoin valued roughly at $3.6 billion.
Related Story: Bitcoin Could Tank 50%, Says Guggenheim’s Scott Minerd
Latest Alternative Investment News
The $110 million comprised both debt and equity capital. Zilch, the UK-based BNPL platform has raised an additional $110 million from Goldman Sachs and DMG Ventures. The funding is part…
A market survey by alternatives technology provider Vidrio Financial shows that fears of inflation have helped move substantial fund allocations during the first half of 2021 to alternative assets such…
Global X, the New York-based ETF provider and subsidiary of $560 billion investment manager Mirae Asset, has filed with the SEC for permission to launch a bitcoin ETF titled the…
Four news bites that show cryptos are hanging on, recent crashes notwithstanding. From bitcoin ATMs to crypto FOMO, here goes….