Scott Minerd said that there are possibilities that bitcoin could survive from here, but earlier would follow a huge hole in its investor’s portfolio.
Chairman and Chief Investment Officer of financial services and investment company Guggenheim Partners, Scott Minerd, said that the top cryptocurrency bitcoin could drop to as low as $8,000. On Monday, Minerd said in an interview that when you break the level of $30,000 on a consistent basis then your (bitcoin’s) ultimate bottom would be $8,000. He said that he thinks there is a lot more space at the bottom especially considering the restrictions that Federal Reserves put on.
The largest cryptocurrency in the world in terms of market cap has been trading at around $30K for quite some time now. For several weeks, it’s trying hard to rebound but consistently failing to make progress at even at half of its all-time high in November last year of about $69,000 and keeping the global crypto market down. This is because, in broader terms, the global crypto market more or less is dependent on the top cryptocurrency.
Minerd also said that cryptocurrencies are like the canary in the coal mine, we are seeing the collapse of crypto as it is and it’s time to face it that most of these currencies are not actual currencies, rather, theories are junk. He even said that the majority of crypto is garbage.
Amidst the ongoing bloodbath that the market is going through, the general conception is that the top cryptocurrencies like bitcoin (BTC) and Ethereum (ETH) will be among the tokens that could survive this downturn but Minerd does not agree with this. He said that he is waiting for a more significant token’s emergence that will be as innovative as the internet in its current form during the dot com boom of the year 2000.
He said that it was the time when approx 90% of the companies failed to cope and were erased from the market but those who survived, these fewer ones are highly successful today. Minerd further said that he doesn’t believe there is any dominant player in the crypto market yet and he also doesn’t think that there is any right prototype for crypto yet.
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