Scott Minerd, chief investment officer of famed investment firm Guggenheim Partners’, says Bitcoin (BTC) could see a 50% drop in the near term as it’s run ‘too far, too fast.’ He made the comments in an appearance on CNBC show Worldwide Exchange yesterday.
Guggenheim made it to the crypto history books last year after putting out a $400,000 price target for Bitcoin. The firm added it would invest up to 10% of its $5.3 billion Macro Opportunities Fund in a Bitcoin trust.
Minerd, at the time, stated Bitcoin’s scarcity combined with “rampant money printing” was the rationale behind the ambitious pierce target. But the sentiment seems to have shifted merely months later.
Bitcoin pullback, and then a rise again
In the appearance, Minerd said he remains long-term bullish on Bitcoin’s price trajectory, but stated that things were turning too “frothy” for now—a colloquial term to describe euphoria in the markets.
“Given the massive move we’ve had in Bitcoin over the s
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