It would be a great time to buy, wouldn’t it?
The opinions of notable CIO’s such as Scott Minerd shouldn’t be ignored, and people like him can offer some real insight into the ever changing nature of the markets.
According to reports, Minerd thinks that the price of BTC will bottom out at around $10K-$15K sometime this year.
This follows his forecasts of Bitcoin reaching roughly $400,000 per coin.
I want to point out that no one knows the future of the markets for certain, but some are in a position to have better insight into what is likely to happen.
Will Minerd be proven correct in his forecasts, or will we see a lower high, and a higher low than he is suggesting?
Let’s see what he is saying, and then you can decide if his forecasts are accurate or not:
"Cryptocurrency has come into the realm of respectability & will continue to become more and more important in the global economy." @ScottMinerd talks $GME / $SLV / $BTC and the logic of bubbles versus buying frenzy. pic.twitter.com/ZWoZqZNU2M
— Julia Chatterley (@jchatterleyCNN) February 2, 2021
Cryptoglobe relayed Minerd’s words:
Minerd thinks we are current witnessing a crash in the Bitcoin market and that the Bitcoin price could drop by as much as 80% from this year’s all-time high (which was nearly $65K):
“When I did my work on crypto, Bitcoin and other cryptocurrencies plainly had gone parabolic just gone parabolic, and parabolic markets are impossible to sustain. So, a normal correction, or sell-off, would be 40-50%.
“But when we look at the history of crypto and we look at where we are, I mean, I really do believe this is probably a crash and, you know, a crash would be maybe down 70%-80%, which let’s just say that’s between $10,000 and $15,000…
“Brian… the market is trading heavy. It’s very hard to get this thing to reverse, and… I wouldn’t be in a hurry to buy Bitcoin and I don’t see any reason to pwn it right now… If you’re gonna be a speculator, speculate that it’s heading lower.“
— Bitcoin Munger (@bitcoinmunger) July 9, 2021
— Aviv Hadar (@avivhadar) July 9, 2021
Bloomberg reported Minerd’s forecast of BTC hitting $400,000:
Bitcoin’s scarcity combined with “rampant money printing” by the Federal Reserve mean the digital token should eventually climb to about $400,000, Minerd, the firm’s chief investment officer, said in an interview. His comments came on the same day Bitcoin breached $20,000 for the first time, bringing its 2020 gain to 190%.
“Our fundamental work shows that Bitcoin should be worth about $400,000,” Minerd told Bloomberg Television on Wednesday. “It’s based on the scarcity and relative valuation such as things like gold as a percentage of GDP. So you know, Bitcoin actually has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions.”
Want more? To stay up to date on all our news, please follow us on Facebook here: