Guggenheim Investments CIO Scott Minerd: Bitcoin to fall below $15,000
Guggenheim Global CIO Scott Minerd stated that Bitcoin could fall to $15,000. Just in February of this year, Scott Minerd was bullish on Bitcoin rising to $600,000.
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During an interview with CNBC, Scott Minerd stated that Bitcoin could drop to between $10,000 and $15,000 recently, advising investors not to rush into investing in Bitcoin.
He believes that Bitcoin may consolidate in the next few years and then rise again.
However, Scott Minerd had previously told Bloomberg in December last year that Guggenheim set a target of $400,000 for Bitcoin, then in January this year, he told CNBC that Bitcoin could fall to $20,000 due to insufficient institutional demand support; in early February, he told CNN, giving a target price of $600,000 for Bitcoin.
In May this year, Scott Minerd tweeted: "Cryptocurrency has proven to be a tulip mania."
Crypto has proven to be Tulipmania. As prices rise, tulip bulbs and #crypto currencies multiply until supply swamps demand at previous market clearing prices.
— Scott Minerd (@ScottMinerd) May 19, 2021
Tulip mania was the world's first recorded speculative bubble event that occurred in the Netherlands in 1637, where the Dutch tulip bulb market collapsed after a period of speculation, leaving prices at only 1% of their peak.