Guggenheim CIO, Scott Minerd Calls Crypto ‘Tulipmania’

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Pratik Chadhokar

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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• 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.