Long Beach (CoinChapter): Guggenheim Partners CIO Scott Minerd is once again in the news for his thoughts on Bitcoin. In an interview with CNN’s Julia Chatterley, Minerd says that Bitcoin has been caught up in a “speculative bubble”. Furthermore, he compared it to the likes of Gamestop and other similar stocks.
Minerd believes Bitcoin could revisit the $20,000 level should it be hit by risk-off sentiment. “When we get a risk-off moment, we could be seeing Bitcoin pull back to somewhere between $20,000 and $30,000 dollars,” Minerd said. He added that these levels would be good entry points for long-term investors.
These comments are in line with Minerd’s comments just a couple of months ago. In a January appearance on CNBC’s Closing Bell, Minerd said that he believed Bitcoin was unlikely to climb any higher until 2022. “I think for the time being, we probably put in the top for bitcoin for the next year or so. And we’re likely to see a full retracement back toward the 20,000 level”. At the time Bitcoin had recently hit the $42,000 mark.
Those comments gained traction then due to previous Minerd comments not long before. Minerd expressed belief that Bitcoin would be worth $400,000 in the long-term future in December of 2020. Some viewed his subsequent comments as possibly trying to push the price down so Guggenheim could buy it cheaper. The company had recently gotten into the crypto industry.
At that time Guggenheim Partners had filed an application with the United States Securities and Exchange Commission to “seek investment exposure to BTC through Grayscale’s Bitcoin Trust product.
Scott Minerd was asked about his bull prediction
Minerd was asked about his $400,000 bull prediction in the CNN interview with Chatterly. He said that the world’s largest crypto could still reach that target, but over a period that stretches from “10 to 20 years.”
Bitcoin is currently trading below $55,600, its lowest level since March 29.