Guggenheim's Scott Minerd sets possible $10,000 target for Bitcoin

Scott Minerd, once one of Bitcoin’s biggest boosters, has seemingly lost the faith.

Minerd, Guggenheim’s chief investment officer, told CNBC Friday he believes Bitcoin is in the midst of a serious crash that could take it down to between $10,000 and $15,000. Just five months ago, Minerd told CNN he believed the cryptocurrency could go as high as $600,000. And in December, he told Bloomberg the firm’s fundamental analysis showed it should be worth $400,000.

Bitcoin, like other cryptos, has been in an extended dive, falling from more than $63,000 in mid-April to just over $33,500 in midday trading Friday.

“When we look at the history of crypto and we look at where we are, I mean, I really do believe this is probably a crash. And, you know, a crash would mean we’d be down 70% to 80%, which, let’s just say that’s between $10,000 and $15,000,” he noted, later adding, “Put it this way, I wouldn’t be in a hurry to buy Bitcoin, and I don’t see any reason to own it right now. If you’re going to be a speculator, speculate that it’s heading lower.”

Minerd’s enthusiasm for Bitcoin has been waning for several months. In May, he compared the crypto to the Dutch tulip bulb market of the 1600s.

Crypto has proven to be Tulipmania. As prices rise, tulip bulbs and #crypto currencies multiply until supply swamps demand at previous market clearing prices.
— Scott Minerd (@ScottMinerd) May 19, 2021

Late last month, he grew even more dire in his commentary, noting that the next likely level of support was the $20,000 range.

Look for more declines in crypto as Bitcoin breaks through support. Next likely support level is $20,000.
— Scott Minerd (@ScottMinerd) June 22, 2021

Bitcoin enthusiasts objected vehemently to that prediction.

Despite the bearish outlook, Minerd isn’t giving up on crypto. In June, he tweeted his long-term support for digital currencies, saying, “Crypto will continue to be volatile, but as a paradigm it is the future.”