Bitcoin News and Finance
Asset Manager Guggenheim Lowers Bitcoin’s ‘Real Bottom’ Price Prediction Skip to main content

Asset Manager Guggenheim Lowers Bitcoin’s ‘Real Bottom’ Price Prediction

Asset Manager Guggenheim Lowers Bitcoin's 'Real Bottom' Price Prediction

Guggenheim CIO Scott Minerd has made another prediction about where the price of bitcoin will be, a lower estimate from his previous “real bottom” price prediction.

  • The chief investment officer (CIO) of Guggenheim Partners, Scott Minerd, returned last week with another bearish prediction for bitcoin. Minerd is also the chairman of Guggenheim Investments, the global asset management division of Guggenheim Partners, with about $270 billion in total assets under management.
  • Minerd predicted last month that the “real bottom” of bitcoin would be $15K, based on its technicals. He discounted the $10K price level at the time, calling that level “a little extreme.”
  • However, in an interview with CNBC Friday, Minerd indicated that the $10K level is now possible. “When we look at the history of crypto and we look at where we are,” he said:

I really do believe this is probably a crash. And, you know, a crash would mean we’d be down 70%-80% which, let’s just say that’s between $10,000 and $15,000.

  • The Guggenheim CIO continued: “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.”
  • While Minerd continually predicted crashes and further sell-offs for bitcoin in the short term, he has maintained his long-term BTC price prediction of $400,000-$600,000.
  • Meanwhile, Guggenheim has been trying to get more exposure to BTC. In June, the firm registered a fund that allows exposure to the cryptocurrency. According to its filing with the U.S. Securities and Exchange Commission (SEC), Minerd will be responsible for the day-to-day management of the portfolio.

What do you think about Scott Minerd’s bitcoin prediction? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory