Bitcoin

Bitcoin is in a “Speculative Bubble” and Could Drop to $20,000, Says Guggenheim CIO Scott Minerd

Bitcoin has been on a ride this year with many individual and institutional investors finally braving the digital currency. The rise of the digital asset, often dubbed as “digital gold”, has been so spectacular that even its worst critics have now joined the cryptocurrency bandwagon.

However, there are still others who aren’t quite on board with the hype that cryptocurrencies have generated in recent months. Prominent investors and stockbrokers have criticized the digital asset in the past. Peter Schiff, back in February, called the Bitcoin Boom “the biggest bubble of them all”.

It seems like Peter Schiff has found an endorsement in Guggenheim’s CIO, Scott Minerd. In a CNN interview on Wednesday, Minerd claimed that BTC was in a “Speculative Bubble”.

He predicted that the most prized digital asset could still drop as low as $20,000 as equity investors would now look to take some “chips off the table”. Minerd thinks that a setback for Bitcoin could be a good entry point for some long-term investors.

In a detailed interview, Minerd also compared the leading crypto asset with Gamestop stocks and advised investors that bonds could be a safe haven in the coming months.

Bitcoin and other Cryptocurrencies have been experiencing a drop in value since Wednesday morning with BTC now trading at around $56000.

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