Guggenheim’s CIO cautions potential Bitcoin investors about buying now

Guggenheim’s CIO cautions potential Bitcoin investors about buying now

Scott Minerd, one of Bitcoin’s vocal proponents, appears to have lost faith in the world’s leading cryptocurrency.

During a Friday interview with CNBC, Minerd voiced his skepticism over the short-term performance of Bitcoin. According to the Chief Investment Officer (CIO) of Guggenheim Partners Global, he sees no reason to own Bitcoin in the present-day crypto market.

Minerd’s enthusiasm for Bitcoin has taken a beating in the past few months. In his discussion with CNBC’s Brian Sullivan, he said:

When we look at the history of crypto and we look at where we are, I mean, I really do believe this is probably a crash. And, you know, a crash would mean we’d be down 70% to 80%, which, let’s just say that’s between $10,000 and $15,000 […] Put it this way, I wouldn’t be in a hurry to buy Bitcoin, and I don’t see any reason to own it right now. If you’re going to be a speculator, speculate that it’s heading lower.

Despite his pessimistic viewpoint, Minerd isn’t giving up on digital assets. He tweeted in June that “Crypto will continue to be volatile, but as a paradigm, it is the future.”

Speaking of Bitcoin, the flagship currency is currently trading at around $33,400, down by almost 50% from its all-time high.

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