Scotte Minerd (Guggenheim): Bitcoin (BTC) could go down to $ 8,000

As things stand, bitcoin could go down to $ 8,000, says Scott Minerd. This Guggenheim investment manager predicts a depreciation of up to 70% for the queen of cryptocurrencies. Say BTC was selling for around $ 30,000 this morning.

Are we expecting a 70% drop in the price of bitcoin?

When you constantly drop from 30,000 [dollars]8,000 [dollars] it’s the final floor, so I think we still have a lot of drawbacks, mostly because the Fed is restrictive commented Scott Minerd.

It is with these words that this director of investments at the Guggenheim predicted a drop in bitcoin of around 70% if we take into account its price on Monday morning: about $ 30,000 a piece. He shared these statements with CNBC’s Andrew Ross Sorkin during a “Squawk Box” interview at the World Economic Forum in Davos, Switzerland, last Monday.

And it’s not his first negative prediction of Bitcoin.

Minerd is confident of rising Fed interest rates

If bitcoin continues to fall, it’s because the US Federal Reserve has recently raised interest rates. This was accompanied by a tightening of its monetary policy.

Let’s not ignore that the price of bitcoin broke below $ 30,000 in early May. It must be agreed that the King of cryptography is struggling to get past that level, as it often drops below $ 30,000 again.

If Minerd’s prediction comes true, bitcoin and the cryptocurrency market (in general) will suffer greatly. Note that losses of more than $ 500 billion were recorded during the month of April. And only BTC has lost about 24% in the last 30 days.

Scott Minerd of the Guggenheim also took advantage of his intervention to downgrade other cryptocurrencies. According to him, most coins are ” waste At the end of this crisis, only bitcoin (BTC) and ethereum (ETH) will survive.

Most of these coins are not coins, they are rubbish. “add.

So is Elon Musk wrong to support DOGE?

However, he softened his scathing comments by saying: ” I don’t think we’ve seen the dominant crypto player yet “.

Minerd compares the current crisis to the internet bubble of the early 21sti century

If we were sitting here in the Internet bubble, we would be talking about how Yahoo and America Online were the big winners. For the rest, we couldn’t tell if Amazon or would be a winner. says Scott Minerd.

Then add:

I don’t think we have the right prototype for cryptography yet. »

Because all money must store value, and it must be or become a means of exchange and a unit of account.

In the end, he comments that:

None of this happens, it doesn’t even happen on a regular basis. »

Without losing hope, however, he calls for more technological research to change the situation. In fact, there is an urgent need to create an ecosystem where people get used to using cryptocurrencies for transactions. And that the latter must be convinced that they are capable of preserving their value.

Interestingly, the comments of Scott Minerd were published after those of Christine Lagarde, President of the ECB. He did not say recently that cryptocurrencies ” they are useless »? In response to Sarkozy’s former finance minister, we ask him if his son, who owns a cryptocurrency, does not talk to him from time to time about his holdings.

Source: CNBC

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The blockchain and cryptography revolution is underway! And the day the impacts will be felt in the most vulnerable economy in this world, against all odds, I will say that I had something to do with it.

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