Scott Minerd, chief investment officer of hedge fund Guggenheim Partners, who once called Bitcoin worth $400,000, pointed out in an interview with CNBC yesterday that if Bitcoin continues to fall below $30,000, the bottom will eventually reach $8,000. . Minerd also continued to blast in the interview that, except for Bitcoin and Ethereum, most self-proclaimed cryptocurrencies are not currencies, but garbage.
Scott Minerd, chief investment officer of hedge fund Guggenheim Partners, who has long been optimistic about Bitcoin rising to $400,000, accepted the CNBC program Squawk at the World Economic Forum in Davos, Switzerland on the 23rd. Box said in an interview that if Bitcoin continues to fall below $30,000, $8,000 will be the final bottom. Minerd believes:
Especially when the Federal Reserve adopts restrictive measures, including raising interest rates and tightening monetary policies, Bitcoin still has more room for downside.
CNBC pointed out that if Minerd’s prediction comes true, it will further bring more pain to the Bitcoin and cryptocurrency markets; in the past month, due to the collateral impact of the market decline, the market value has evaporated by about $500 billion, and in the past Within 30 days, Bitcoin alone fell 24%.
In addition, Chief Investment Officer Minerd also stated in the interview that most cryptocurrencies are “junk”:
Most of these so-called cryptocurrencies are not currencies and are garbage. Only Bitcoin and Ethereum will continue to exist.
And we have yet to see a real leader in the cryptocurrency field.
Minerd compared the current situation to the dot-com bubble of early 2000:
If we were in the dot-com bubble, we would be talking about how Yahoo and AOL were the big winners; at the time, we had no way of knowing whether Amazon or Pets.com would be the ultimate winner.
Minerd also said in the interview that I think there is no suitable encryption prototype on the market yet, and currency needs to store value to become a medium of exchange or a unit of accounting.
Future technological advancements may change this and create an ecosystem where people become accustomed to transacting with cryptocurrencies and trust that these assets will retain their value.
Santiment: Cryptocurrency market pessimistic, at lowest level since March 2020
Amidst the recent declines in both the cryptocurrency and NFT markets, blockchain data analysis company Santiment tweeted today that market sentiment towards Bitcoin is at its bottom:
Market sentiment for Bitcoin is at rock bottom, with data indicating that overall pessimism surrounding Bitcoin and cryptocurrencies is at its lowest level since Black Thursday in March 2020.
Users who cannot hold on will continue to provide opportunities to buyers who have been waiting for a long time.
