Guggenheim CIO Scott Minerd predicts increased bitcoin sales, but continues to rise in the long run

Guggenheim Investment Director Scott Minerd predicted more sales for bitcoin. He also warned that it will take some time for the cryptocurrency to return to its previous highs. However, in the long run, Minerd predicted that the bitcoin price could rise to $ 600,000. Minerd said Scott Minerd, chief investment officer (CIO) at Guggenheim Partners, made another forecast for Bitcoin price in the near term. Minerd is also President of Guggenheim Investments, the global asset management and investment advisory arm of Guggenheim Partners. Guggenheim Investments has approximately $ 270 billion in assets managed through fixed income, stocks and alternative strategies. He told CNBC on Tuesday that Bitcoin hasn't hit rock bottom yet, and he stressed: You can afford to be patient here. There is still a lot to do. He explained that Bitcoin is becoming "exponential" and it will take some time for the cryptocurrency to return to its previous highs. He believes that a hurdle for Bitcoin will be that some investors are now moving capital from BTC to rival cryptocurrencies. In addition: "Any market that has become exponential cannot be sustained automatically. I just watched it and noticed that the bubble was coming out of its top, given the scale of the movement, which is basically a mania or bubble that you traditionally achieve 50% to 75%," said CIO. He predicts a drop in bitcoin price for months. In April, he warned of a major cryptocurrency correction that could drop the price by 50% to $ 20,000 to $ 30,000. He said that the price of BTC at that time looked "very bright." Shortly after his forecast, the price of Bitcoin. But in the long run, the IOC predicted that the Bitcoin price could reach $ 600,000. "Relative to the bitcoin supply, let's look at the global gold supply …

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