{"id":254143,"date":"2021-05-20T05:42:37","date_gmt":"2021-05-20T02:42:37","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/guggenheim-cio-scott-minerd-backflips-on-crypto-calling-it-tulipmania\/"},"modified":"2021-05-20T05:42:37","modified_gmt":"2021-05-20T02:42:37","slug":"guggenheim-cio-scott-minerd-backflips-on-crypto-calling-it-tulipmania","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/guggenheim-cio-scott-minerd-backflips-on-crypto-calling-it-tulipmania\/","title":{"rendered":"#Guggenheim CIO Scott Minerd backflips on crypto, calling it 'Tulipmania'"},"content":{"rendered":"

“#Guggenheim CIO Scott Minerd backflips on crypto, calling it 'Tulipmania'<\/strong>”<\/p>\n

<\/p>\n

                More FUD from the man that said Bitcoin would be worth $600K one day.  \n                <p>In complete 180 on his stance just a few months ago, the global Chief Investment Officer of investment giant Guggenheim has reacted to the crypto market crash by referring to it as \u2018Tulipmania\u2019.\n<\/code><\/pre>\n
It seems like Elon Musk is not the only wealthy person to make a u-turn on their position towards Bitcoin and crypto assets. As late as February, Guggenheim\u2019s CIO Scott Minerd was calling for a long term Bitcoin price<\/a> of $600,000 based on Guggenheim\u2019s \u201cfundamental research\u201d.<\/p>\n
But with markets plunging Minerd alluded to a bubble with his comments earlier today that claimed that \u201csupply has swamped demand\u201d.<\/p>\n
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Crypto has proven to be Tulipmania. As prices rise, tulip bulbs and #crypto<\/a> currencies multiply until supply swamps demand at previous market clearing prices.<\/p>\n
— Scott Minerd (@ScottMinerd) May 19, 2021<\/a><\/p><\/blockquote>\n
Tulipmania is a phrase derived from a period during the Dutch Golden Age when prices for some bulbs of the fashionable tulip reached extraordinarily high levels, and then dramatically collapsed.<\/p>\n
Compound Finance founder Robert Leshner argued<\/a> that Minerd’s tweet was inaccurate:<\/p>\n
\u201cScott is dead wrong, bordering on financial malpractice. The supply of cryptocurrencies (#Bitcoin) and crypto assets ($ETH, $COMP, etc) does not increase as a function of price. That’s like saying the supply of stocks increases, as demand does.\u201d<\/p><\/blockquote>\n
Other industry experts also chimed in with crypto YouTube<\/a>r Lark Davis replying<\/a> with \u201cwasn’t your company going to invest hundreds of millions into Bitcoin? This comment shows you guys must have done almost no research on the topic, shocking.\u201d<\/p>\n
Others speculated that the investment company was trying to push prices down so that they could buy more.<\/p>\n
It is not the first time Minerd has flip-flopped with his stance on crypto assets. In January he said that BTC would dump to $20,000 adding that it would go no higher than its price at the time which had just topped $40,000.<\/p>\n
The FUD followed Guggenheim’s proposed SEC filing to buy $500 million in BTC with critics arguing it may have been an effort to keep markets low to facilitate cheaper purchases. These bearish statements also came after a declaration in December in which he stated that the asset should be one day worth $400,000.<\/p>\n
In April, Minerd was back with his predictions of doom and gloom calling for a return to $20,000 after Bitcoin had already blasted past $50,000. In the weeks that followed the asset went on to reach an all-time high of $65,000 before the inevitable correction began.<\/p>\n
The pullback as it stands is currently at 43.5% with BTC hitting an intraday low of $36,700 in late trading on Wednesday, May 19. <\/p>\n