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.