Scott Minerd, the Chief Investment Officer of Guggenheim, forecasted a Bitcoin (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 (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.
