Scott Minerd: "Bitcoin could drop to $8,000"

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Investment director at Guggenheim Partners Scott Minerd believes that the correction in the cryptocurrency market is not over and the Bitcoin rate may fall to $8,000 in the near future.

During a conversation on CNBC's Squawk Box, Scott Minerd opined that BTC could fall another 70% from current levels:

"When you repeatedly break the level in$30,000, then the lowest point could be $8,000. So I think there's still room for a significant drop, especially if the Fed acts tough enough."

Minerd stated that most cryptocurrencies- just “garbage”, but Bitcoin and Ethereum have a long-term foothold in the digital asset market and therefore will survive. Although, in his opinion, a clear leader in the field of crypto assets has not yet emerged. 

According to the investment director of Guggenheim Partners, the cryptocurrency market is now similar to the stock market in the dot-com era:

“We can say that Bitcoin and Ethereum resembleYahoo and America Online. But you know the real winner during the dot-com bubble was Amazon. I don’t think there is a decent prototype among cryptocurrencies.”

Note that at the beginning of last yearMinerd could be called a cryptocurrency enthusiast. However, he suddenly changed his attitude towards digital assets and now often opposes investing in cryptocurrencies.