Global Chief Investment Officer, Scott Minerd, has given his take on what the future holds for world’s leading cryptocurrency, Bitcoin. Speaking to CNBC Squawk Box in a recent interview, he projected a downward movement for Bitcoin.
Bitcoin Price Might Continue To Go Downhill
Still in the wake of a disturbing moment for Bitcoin, a few positives and negatives can be drawn.
On the bad side, bitcoin is predicted to fall even more after an inverse movement between price and hashrate was spotted, leading to a potential future downhill.
On the good side though, the idea of regarding Bitcoin as a speculative asset would shift into that of a store of value. That way, there would be less need to sell, ending the bull run. Despite all of the negativity, there has been speculation of a bearish market. 63,000 worth of Bitcoin assets are expiring by May 27.
Why Minerd Thinks Bitcoin Can Dip Further
Minerd, in a live interview, aired by CNBC has predicted a further downfall for Bitcoin. According to him, Bitcoin has had consistent breaks below the $30,000 mark and with $8,000 the ultimate bottom, all indications suggest a downward movement.
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He also points out the feds being more restrictive as a contributing factor to the downside. He debunked the belief that all currencies and cryptocurrencies are solid. He explicitly made a bold statement that most currencies and cryptocurrencies are junk and garbage respectively.
He believes there are 19,000 cryptocurrencies but isn’t convinced with the state of things. He likened the present situation to the canary in the coal mine and further drew inspiration from the internet bubble when asked who were likely going to be the biggest winners.
During the internet bubble, he claimed Yahoo and American Online were easily regarded as the biggest winners until an evolution of technology. No One envisaged Amazon to be a winner simply because they didn’t exist. His guess is crypto would be the same. With the introduction of more cryptocurrencies, he feels anything can happen though he backed Ethereum and Bitcoin to be survivors. He admits stablecoins to be interesting projects moving forward.
He believes in a crypto-driven future but states that necessary measures must be taken. He accused cryptocurrencies of not living up to the key elements of a currency; store value, medium of exchange and unit of account and suggested a regulatory board similar to Hong-Kong.
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