Scott Minerd, Guggenheim’s Scott Minerd, Warns Of More Crypto Fallsouts Due to FTX Collapse
Scott Minerd, Chief Investment Officer at Guggenheim Partners, has issued a warning to investors in the wake of the collapse and apparent meltdown of cryptocurrency exchange FTX. He warns that there will be more shakeouts in crypto and that the FTX saga is not the only one.
Minerd’s Crypto Prediction
Minerd, who in May predicted that Bitcoin would drop to $8,000, stated recently that he is certain that the crypto ecosystem will continue to grow despite the current crash in prices and high-profile companies.
Read More: Scott Minerd Calls for Bitcoin (BTC) Profit-Booking
Minerd says that the industry will suffer more from the end of years of easy money.
He was quoted as saying:
I have another shoe to drop, but I cannot tell you the location. One year ago, we were discussing crypto. There were 19,000 coins. It is going to burst like the internet bubble.
Minerd also stated that he expects more catastrophic events, but there will still be survivors.
Regulations can help crypto?
He stressed the fact that the digitization and use of currency is still in its infancy. Only a proper regulatory framework can determine the future direction of the sector.
This is because, just like many periods of speculation and easy money, the weakest players are always first. Cryptocurrency was clearly a crazy idea.
Minerd also stressed earlier that cryptocurrencies are essential to store value, act as a unit of account, and can also be used to exchange money. Minerd stated that he didn’t believe we had yet developed the right prototype for crypto.
Read More: SEC Charges 8 Social Media Influencers in $100 Mn Stock Manipulation Scam
Minerd predicts that the Federal Reserve’s rigid monetary policy will result in unemployment rising by about 2% over the next two years, despite the recent rate increase.
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