Another day, another prediction. This time Bitcoin [BTC] is expected to plummet to $8k all the way from $30k. While crypto evangelists remained calm throughout the recent bearish storm, the newbies were baffled. An array of them exited the market following BTC’s drop below $30k. Now, as the king coin has been trying to pave its path to recovery, Guggenheim’s Chief Investment Officer, Scott Minerd made a rather far-fetched prediction for BTC.
An array of individuals have come forward and predicted the fate of the largest cryptocurrency. While some believe that it entails the potential to hit $100k, a few others have been talking about Bitcoin’s demise. Minerd happens to be a part of the latter. Speaking to CNBC, Minerd said,
“When you break below $30,000 consistently, $8,000 is the ultimate bottom, so I think we have a lot more room to the downside, especially with the Fed being restrictive.”
While this makes Minerd sound extremely bearish about Bitcoin, he really isn’t. He went on to say that most cryptocurrencies weren’t really currencies they were “junk”. However, he believes that Bitcoin and Ethereum would be the only ones surviving.
Is Bitcoin not a ‘dominant player’ in the crypto industry?
Bitcoin was the very first cryptocurrency to enter the financial world. Despite the onset of thousands of new cryptocurrencies, BTC continues to remain at the top. The asset’s ranking has remained untethered come what may. Minerd, however, believes that the world hasn’t “seen the dominant player in crypto yet.”
Rewinding back to the whole dot-com bubble he said,
“If we were sitting here in the internet bubble, we would be talking about how Yahoo and America Online were the great winners. Everything else, we couldn’t tell you if Amazon or Pets.com was going to be the winner.”
Last year, around the same time, he went on to compare crypto to the Tulipmania.
Bitcoin has been time and again viewed as a store of value asset. The utility of cryptocurrencies has been rapidly surging over the last couple of years. With the entire globe inclining towards these assets, Minerd still believes that there still isn’t a right prototype for crypto.
Additionally, Bitcoin’s recent plummet did scare quite a few. The king coin, however, seemed to have trouble garnering prominent support at $30k. During press time, it was trading for $29,343.
Back in June 2021, Minerd predicted that Bitcoin would drop down to $15k. But veering away from this zone and amassing support at $30k, BTC rallied all the way to its all-time high of $68,789. Therefore, the community remained untethered by Minerd’s latest prediction and hoped that Bitcoin would steer towards its ATH in the near future.