Bitcoin Could Plunge to $8,000, Guggenheim’s CIO Says

Scott Minerd, the Chief Investment Officer of Guggenheim, forecasted a Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC) price’s decline to $8,000 from its current levels. During an interview at the World Economic Forum in Davos with CNBC, Minerd backed his word in the recent move of BTC falling below $30,000.

“When you break below 30,000 [dollars] consistently, 8,000 [dollars] is the ultimate bottom, so I think we have a lot more room to the downside, especially with the Fed being restrictive,” he commented. The price of Bitcoin has struggled to rally substantially above $30,000 since it fell below that mark earlier this month.

The prediction would cause even more pain to Bitcoin and the cryptocurrency market, which has lost around $500 billion in value over the past month. Just in the last 30 days, Bitcoin has declined around 24%. Additionally, the CIO said that most cryptos are junk but that Bitcoin and Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term (ETH) will survive.

The Next Internet Bubble?

“Most of these currencies, they’re not currencies, they’re junk. I don’t think we’ve seen the dominant player in crypto yet. If we were sitting here in the internet bubble, we would be talking about how Yahoo and America Online were the great winners. Everything else, we couldn’t tell you if Amazon or Pets.com was going to be the winner. I don’t think we have had the right prototype yet for crypto,” Minerd added.

Whale Alert, an on-chain analytics platform, recently reported the transfer of 2,457 Bitcoin worth more than $70 million from Coinbase to an unknown wallet recently on May 20 at 16:49 UTC. Therefore, Coinbase’s BTC balance took a significant hit. Additionally, the Bitcoin balance at Coinbase has been fluctuating in the past few months. Moreover, the BTC balance on the digital exchange has fallen by more than 36% in the past two years. On Friday at 7:11 UTC, an unknown wallet received 1,657 Bitcoins worth over $50 million from a leading crypto wallet.