December 5, 2022

Guggenheim Partners allowed bitcoin to drop to $8,000

Guggenheim Partners allowed bitcoin to drop to $8,000

Against the backdrop of raising the key rate and tightening the monetary policy of the Fed, the price of bitcoin may fall below $8000. This was stated in an interview with CNBC by Guggenheim Partners investment director Scott Minerd.

“When you consistently break through the $30 level000, $8000 is the ultimate bottom. So I think we still have a lot of room to cut, especially with the Fed acting tough,” he said.

According to Minerd, most digital assets are “junk”, but Bitcoin and Ethereum will survive the crypto winter. However, he does not believe that the dominant player in the industry has already been identified.

The Guggenheim investment director also compared the crypto market to the dot-com bubble:

"If we were sitting here at the timeinternet bubble, we would say that Yahoo and America Online are big winners. For everyone else, we couldn't have predicted who would win - Amazon or Pets.com."

Minerd emphasized that the digital asset industry has not yet come to the right design for cryptocurrencies. In his opinion, the currency should store value, be a medium of exchange and a unit of account.

“There is nothing like it, they [cryptocurrencies] have not even come to a single basis,” he concluded.

Recall that earlier a supporter of gold and a critic of the first cryptocurrency, Peter Schiff, predicted a test of $ 8,000 by Bitcoin.