Alternative Investments/Digital: Guggenheim’s Minerd On Bitcoin – “This Is Probably A Crash”

July 12, 2021 | Digital Assets, News
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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

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