In an interview with Bloomberg, Scott Minerd, global chief investment officer of financial consulting firm Guggenheim Partners, predicted that the decline in the largest cryptocurrency Bitcoin will continue. Speaking to Bloomberg, Scott Minerd claimed that the decline in Bitcoin will continue.
"I think the bubble will deflate further and I think we'll have something like the collapse of the internet bubble to have a chance to figure out who's the winner and who's the loser here. I don't think we've completely cleared the system yet."
According to Minerd, from a trader's point of view it makes sense to take advantage of the opportunity to see higher prices in the near term. But as an investor, he thinks cryptocurrencies are under pressure from a “regulatory perspective.” He also underlines that there is no real institutional money to support the rise.
BTC rallied sharply after the Federal Reserve (Fed) decided to raise interest rates by 75 basis points on Wednesday. The largest cryptocurrency rose 14 percent to $ 23 thousand 452 after the central bank announced its interest rate decision. Referring to the recent relief rally, Minerd noted that the Fed may not be a hawk until it's advertised. The leading investor also stated that it is really difficult to argue that the US is not in a recession, opposing the recession rhetoric of Fed Chairman Jerome Powell.
As we reported earlier, the ultimate bottom point for Bitcoin is the $8,000 level, according to Minerd. However, it should be noted that the investor has made many false price predictions in the past. Bitcoin is bought and sold at $ 23 thousand 28, with an increase of 7.52 percent in the last 24 hours at the time of writing. While BTC has a market cap of $438 billion, its total market cap is over $1 trillion.