Scott Minerd Ultra Bearish on Bitcoin, Says it can revisit the $20K level

Author: Sohrab Khawas

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    Scott Minerd, a chief investment officer of the multi-billion dollar investment firm Guggenheim Partners, believes bitcoin could revisit the $20000 level if it gets hit by risk-off sentiment.

    Earlier Minerd had also said that he doesn’t think bitcoin‘s institutional investor base is “big enough” or “deep enough” to justify its current valuation.

    In an interview with CNN’s Julia Chatterley, Scott Minerd spoke about The US economy and its growth this year. He predicts that this year there will be the highest growth recorded between 8 to 10%. Scott seems quite bullish on the economy. He went on to compare bitcoin with the GameStop and other Yolo stocks saying that Bitcoin has been caught up in a “speculative bubble

    DOWN THE MEMORY LANE: Minerd predicted that Bitcoin is worth $400K in December 2020

    Surprisingly Minerd is the same person who believed that the cryptocurrency is worth $400,000. He released this statement in an interview with Bloomberg in mid-December which led to a lot of speculations.

    Minerd had claimed that Bitcoin’s scarcity and its comparative value against other investments like Gold as a percentage of the gross domestic product would help push the price higher.

    Bitcoin’s scarcity incorporated with “rampant money printing” by the Federal Reserve means the digital token could ultimately climb to about $400,000, Minerd said in an interview. His comments arrived on the same day Bitcoin breached $20,000 for the first time, bringing its 2020 gain to 190%.

    Minerd quickly became bearish, predicting market froth. Some speculated that he was deliberately trying to devalue Bitcoin so that Guggenheim could purchase it at a lower price.

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