The capitalization of the cryptocurrency market will fall below the recent local minimum, as the industry has not yet “cleansed itself” of problem participants. This was stated by chief investment officer of Guggenheim Partners Scott Minerd in a conversation with Bloomberg.
“Think that [рынок] and it will keep on blowing. I think we are in for something akin to the collapse of the dot-coms, so that we can figure out who are the winners here and who are the losers. I don’t think we have completely cleared the system,” he said.
According to Minerd, in the short term, one can expect an increase in cryptocurrency quotes, which is a good opportunity for speculators to make money.
He emphasized that in the long term, the industry will have problems. In his opinion, regulatory pressure and the lack of strong institutional support will have an effect.
On July 27, the US Federal Reserve System (FRS) increased the key rate range by 75 basis points at once, to 2.25-2.5%. The cryptocurrency market reacted to the decision with growth – on July 28, Bitcoin rose above $23,000, Ethereum crossed the $1,600 mark.
CIO Guggenheim Partners expects U.S. inflation to outpace the regulator’s target by the end of 2022. In his opinion, the value will be 5% -6%. He also said it was “hard to deny” a recession in the US economy.
Recall that in May, Minerd allowed the bitcoin quotes to fall to $8,000.
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The capitalization of the cryptocurrency market will fall below the recent local minimum, as the industry has not yet “cleansed itself” of problem participants. This was stated by chief investment officer of Guggenheim Partners Scott Minerd in a conversation with Bloomberg.
“Think that [рынок] and it will keep on blowing. I think we are in for something akin to the collapse of the dot-coms, so that we can figure out who are the winners here and who are the losers. I don’t think we have completely cleared the system,” he said.
According to Minerd, in the short term, one can expect an increase in cryptocurrency quotes, which is a good opportunity for speculators to make money.
He emphasized that in the long term, the industry will have problems. In his opinion, regulatory pressure and the lack of strong institutional support will have an effect.
On July 27, the US Federal Reserve System (FRS) increased the key rate range by 75 basis points at once, to 2.25-2.5%. The cryptocurrency market reacted to the decision with growth – on July 28, Bitcoin rose above $23,000, Ethereum crossed the $1,600 mark.
CIO Guggenheim Partners expects U.S. inflation to outpace the regulator’s target by the end of 2022. In his opinion, the value will be 5% -6%. He also said it was “hard to deny” a recession in the US economy.
Recall that in May, Minerd allowed the bitcoin quotes to fall to $8,000.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
