Investment Manager Guggenheim Warns of Bitcoin Pullback, Calls It ‘Great Entry Point’ for Investors – Markets and Prices Bitcoin News
Guggenheim’s Scott Minerd warned cryptocurrency investors to be wary of bitcoin’s decline. According to him, bitcoin has clearly fallen into the same speculative bubble as Gamestop. However, he noted that it would be an excellent entry point for long-term investors.
Excellent entry point for bitcoin investors
Guggenheim Partners Chief Investment Officer (CIO) Scott Minerd spoke about bitcoin in an interview with CNN last week. Mr. Minerd is also President of Guggenheim Investments, the asset management and investment advisory arm of Guggenheim Partners. Guggenheim Investments has more than $246 billion in total assets. The Group’s total assets consist of fixed income, equity and alternative strategies.
Minderd said about how fast bitcoin’s market capitalization has grown: He has clearly fallen into the speculative bubble that Gamestop has fallen into. The framework of the Guggenheim has evolved:
If we have a risk moment, we could see bitcoin go back somewhere between $20,000 and $30,000. But I think it would be a good starting point for long-term investors.
He further explained that parabolic markets are unsustainable, having previously warned against bitcoin’s parabolic rise. This is one of the reasons why I think bitcoin is moving a bit in its long-term trend….. But it’s hard to cut. This is a dangerous game. However, Mr. Minderd noted that many markets move in a parabolic direction.
The CIO of Guggenheim was very bullish about bitcoin last December, when he predicted that the price of BTC could reach $400,000, which he said would later happen within 10 to 20 years.
However, he then focused on the negative aspects of cryptocurrencies and advised investors to sell their coins. Several people immediately pointed out on social media that Guggenheim was not buying BTC at that time.
The asset manager filed an application with the US Securities and Exchange Commission (SEC) to invest in bitcoin through Grayscale’s Bitcoin Trust, which went live in late January. Then, in February, Minerd made another bullish statement, saying the price of BTC could reach $600,000.
Do you agree with Guggenheim Scott Miner on bitcoin? Let us know your comments in the section below.
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