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Bitcoin Has Not Established Itself As A Credible Institutional Investment Says Scott Minerd, CIO Of Guggenheim in Bitcoin

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Scott Minerd is currently attending the World Economic Forum Annual Meeting at Davos, where he was interviewed by Bloomberg Television yesterday.Minerd said that one of his main concerns for crypto was that nobody had yet “cracked the paradigm” to enable its use as a currency. He reiterated that a currency needs to be a medium of exchange, a store of value, and a unit of account, but said that crypto was currently neither of these.

When asked if he had any crypto-assets, Minerd said that his company had bought bitcoin at around $20,000 and that it had sold it at $40,000. He said that when the asset had reached $60,000 he thought it would correct, and then when it got to $30,000, he looked at it and thought “Why are we stopping here?”.In Minerd’s view, bitcoin will probably go down to around $8,000 before everyone is flushed out. He said that his overall bearish stance was confirmed while attending the Hoover Central Bank Conference at Stanford.

He remarked that all the current and former Fed officials that he had heard speak at the conference were “extremely hawkish”. In conversation with them he said that they were all happy to see an “orderly decline” and for “financial conditions to tighten”.Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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