Guggenheim CIO Scott Minerd changes crypto stance, calls asset ‘Tulipmania’

Scott Minerd, Chief Investment Officer of Guggenheim who once called for a long-term bitcoin price of $600,000 because of the company’s fundamental research, is now singing a completely different tune in reacting to the ongoing crypto market crash he referred to as ‘Tulipmania’ (the first major economic bubble).

Back in February, the CIO was confident in hinting he believes bitcoin will reach the six-digit price range, but with regards to the plunging market, his comments, though indirectly, compared the situation to a bubble while saying “supply has swamped demand.”

As it turns out, Elon Musk is not the only business mogul who made a complete 180-degree turn on their position towards bitcoin and crypto-assets.

A possible hidden agenda

Some speculate that with this development, investment giant Guggenheim is actually trying to push bitcoin prices further down in order to purchase more of the asset.

Nonetheless, other industry experts argued with the statement of Minerd. Compound Finance founder Robert Leshner said, “Scott is dead wrong, bordering on financial malpractice.” He elaborated that the supply of cryptocurrencies such as bitcoin and ethereum does not increase as a function of price.

Crypto YouTuber Lark Davis also called out Minerd and his company, saying, “Wasn’t your company going to invest hundreds of millions into bitcoin?” He ended this comment by saying it’s as if almost no research on the topic was done by them.

Not the first time for Minerd

This is not the first time that the CIO has done this kind of routine. Back in January, he claimed Bitcoin would fall to $20,000 and won’t go higher than its current price that time which was set at $40,000.

But even with the tremendous slump, bitcoin, which is currently trading at $40.2K, has already proven Minerd wrong.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/bitcoin/guggenheim-cio-scott-minerd-changes-crypto-stance-calls-asset-tulipmania/