Guggenheim's Minerd Says Bitcoin Will Drop to $8K. We Checked His Record

Scott Minerd, the chief investment officer of Guggenheim Investments, hasn't been shy over the past couple years about making predictions about the price of bitcoin (BTC).

His calls, typically made during interviews with financial media outlets including CNBC and Bloomberg, have garnered headlines thanks to his high-profile stature in traditional finance.

But a quick recap of some of his key prognostications shows just how mixed his track record has proven. (A media representative for Guggenheim didn't immediately return a call from CoinDesk seeking comment.)

Minerd said bitcoin could go to $400,000 to $600,000 “if you consider the supply of bitcoin relative ... to the supply of gold in the world, and what the total value of gold is." 

He added, however, that the cryptocurrency's rapid rise "smacks of short-term speculation," and that the institutional levels of market participation, while growing, weren't yet big enough to support the price levels at the time.

Minerd told CNBC that bitcoin could bottom out at $10,000 to $15,000 in its latest swoon.

Investors shouldn’t be “anxious to be putting money in bitcoin right now," Minerd said, adding that bitcoin could spend the next few years trading sideways before the market turned bullish again.

What happened next: The bitcoin price fell to as low $28,600 in the last several days of June but rallied over the next several months. By the end of September it was changing hands at around $44,000.

"When you don't understand what's happening, get out of the market," Minerd said in an interview with CNBC. "So discipline tells me now I don't fully understand this."

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