Scott Minerd, the Chief Investment Officer (CIO) of Guggenheim Partners, spoke to CNN on his speculations about Bitcoin (BTC). He warned that BTC is in a speculative bubble and that a significant pullback may be imminent. He said:
“When we get a risk-off moment, we could be seeing bitcoin pullback to somewhere between $20k-$30k. But I think for long-term investors, that will be a great entry point.”
Minerd explains that he initially started looking to buy BTC at $10,000 but is currently finding it hard to keep up with the price. He mentions that BTC has gotten so rich quickly and has gotten absorbed into the same speculative bubble as Gamestop (GME) and some other stocks. He speculates that:
“When we get a risk-off moment, we could be seeing Bitcoin pull back to somewhere between $20,000 and $30,000…”
Minerd also thinks BTC has “gotten a little bit ahead of itself.” Stating the unsustainability of the parabolic market is one of the reasons for his claim.
Although the CIO has taken a bearish stance on BTC, he encourages those waiting to jump on the bandwagon. He mentions that BTC will be a good entry point for those who are looking to invest long-term.
On the contrary, Minerd predicted that BTC’s price could spike 10x its current value in February. However, he later advised investors to sell their coins.
Image Credits: Pixabay
