Bitcoin May Fall Below $8K — Guggenheim Partners Investment Director
Guggenheim Partners investment director Scott Minerd said in an interview with CNBC that the price of Bitcoin could fall below $8,000 due to a key rate increase and tightening of the Fed’s monetary policy.
“When you break below 30,000 [dollars] consistently, 8,000 [dollars] is the ultimate bottom, so I think we have a lot more room to the downside, especially with the Fed being restrictive,” he said.
According to Minerd, there is a lot of “junk” in the cryptocurrency market, but Bitcoin and Ethereum will survive the crypto winter. Despite this, he does not believe that the dominant player in the crypto industry has already been determined.
Minerd emphasized that the digital asset industry has not yet come to the right design for cryptocurrencies. In his opinion, the currency should store value, be a medium of exchange and a unit of account.