Follow Us

Guggenheim CIO, Scott Minerd Calls Crypto ‘Tulipmania’

Share on facebook
Share on twitter
Share on linkedin

Share

2
Share on facebook
Share on twitter
Share on linkedin
Pratik Chadhokar
Latest posts by Pratik Chadhokar (see all)
  • Compound Finance founder Robert Leshner confronted the Guggenheim CIO and said that Minerd is dead wrong and bordering on financial malpractice
  • A Few months back, the CIO predicted that bitcoin could climb as high as $600,000
  • Crypto analysts think the company is only trying to push down the token’s value so that they can accumulate more

Scott Minerd says that cryptocurrency has proven to be a tulipmania. As prices rise, the tulip bulbs and cryptocurrencies multiply. However, as soon supply swamps demand, the value of cryptocurrencies fall as per CoinTelegraph. 

In February, the CIO Predicted that Bitcoin Maybe Worth $600,000

Minerd is the Chief Investment Officer of the investment firm, Guggenheim. A few months back in February, the CIO predicted that bitcoin could climb as high as $600,000, according to his fundamental research. He added that the firm was keeping a keen eye on bitcoin. However, they thought that previously its market cap wasn’t big enough to justify institutional investments. However, Minerd’s most recent tweet on bitcoin hints that it is nothing but a mere bubble. Tulipmania is derived from ancient Dutch history when the price for tulips went extraordinarily high and collapsed suddenly. 

Minerd’s Views on Crypto Receives Confrontation

However, Compound Finance founder Robert Leshner confronted the Guggenheim CIO and said that Minerd is dead wrong and bordering on financial malpractice. Leshner added that the supply of cryptocurrencies or crypto-assets does not increase as a function of price. This would be pretty similar to saying that the supply of stocks increases with an increase in demand. Some crypto analysts think the company is only trying to push down the token’s value so that they can accumulate more. 

Not to mention, this isn’t the first time Minerd has changed his stance over cryptocurrency. In January, he said that BTC would return to $20,000 levels and not go beyond its high of $40,000. However, in December 2019, he predicted that the price would go above $400,000 levels.

Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication.

Download our App for getting faster updates at your fingertips.

en_badge_web_generic.b07819ff-300x116-1

We Recommend

Top Rated Cryptocurrency Exchange

Welcome Back!

Login to your account below

Retrieve your password

Please enter your username or email address to reset your password.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00