Scott Minerd, a chief investment officer of the multi-billion dollar investment firm Guggenheim Partners, believes bitcoin could revisit the $20000 level if it gets hit by risk-off sentiment.
Earlier Minerd had also said that he doesnt think bitcoins institutional investor base is big enough or deep enough to justify its current valuation.
In an interview with CNNs Julia Chatterley, Scott Minerd spoke about The US economy and its growth this year. He predicts that this year there will be the highest growth recorded between 8 to 10%. Scott seems quite bullish on the economy. He went on to compare bitcoin with the GameStop and other Yolo stocks saying that Bitcoin has been caught up in a speculative bubble
#Bitcoin bulls beware!
“When we get a risk-off moment, we could be seeing $BTC pullback to $20-30k. But I think for long-term investors, that will be a great entry point.“@ScottMinerdof @GuggenheimPtnrstalks parabolic markets, US growth between 8-10%, and overseas risks. pic.twitter.com/Im50zRdN5s