Guggenheim CIO compares crypto to tulips, why may not be wrong

One of the most bullish news for crypto over the past year has been that the Guggenheim has revealed that by purchasing BTC, he predicted a fair market value of $ 600,000 for Bitcoin. He warned about a massive market correction a month ago and he was right, now he says cryptocurrencies are like "Tulipmania" again. So he may be right again, and a larger crypto cleanse may be needed to move the industry forward. Guggenheim Bitcoin buys Bashes Crypto, but why? Investors have been more afraid for a little over a year than they are now. The Black Thursday sale shook the crypto market and investors feared to buy on the downside. It wasn't until the government started giving everyone the risk-free funds that have been fueling the markets ever since. Meanwhile, Bitcoin's price has increased from $ 4,000 to $ 64,000 and Ethereum from $ 100 to over $ 4000. Related reading | How could a reversal of Bitcoin's market sentiment hit a fatal blow? These ridiculous numbers are a fact, making it difficult to understand why the market was so shocked by the last correction and that the price action is moving in both senses. After all, these are speculative assets, and the out-of-control market led Scott Minerd, Guggenheim's director of global investments, to compare asset class with Tulipmania. Most of the growth is due to nonsense | Source: CRYPTOCAP-TOTAL on TradingView.com Why it's not wrong to compare cryptocurrencies with Tulipmania Bitcoin's rising tide has raised all ships, starting with DeFi and Ethereum, then Dogecoin and other altcoins. As Dogecoin exploded, dozens of coin counterfeiters have since emerged. Coins are no longer a joke or a game – a game in which billions are involved and the resulting losses cannot be ridiculous when the curtain call comes. Minerd was not based on Bitcoin in this case, but on the crypto ecosystem itself. Changed your feeling

Join the Discussion

  • BrokerEUR/USD
    ETX Capital 0.6pips (variable) margin: 3.33%
  • Back to top