Crypto Gartman? Bitcoin Spikes After Contrarian Indicator Scott Minerd Says It’s “In A Crash” And Could Go To $10,000
Have we found the crypto-Gartman?
The price of Bitcoin just spiked higher after negative comments by Guggenheim’s Chief Investment Officer Scott Minerd, who can’t seem to make up his mind about the cryptocurrency.
Less than a year after predicting Bitcoin would go to $400,000, Minerd was on CNBC this morning crowing about how the crypto was “in a crash” that could take the digital asset to as low as $10,000 to $15,000.
The price of Bitcoin responded by immediately moving higher…
“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 70-80% which, let’s just say that’s between 10 and 15 thousand,” Minerd said on Friday morning.
Seemingly unaware of his past analysis on the crypto, he continued Friday morning: “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 also said he though that a correction in stock was coming, but that we were “a long way from the end of the bull market”, follow-up reporting by Bloomberg said.
He predicted the 10 year Treasury under 1.5% for the year and even said it could move under 1% eventually.
Minerd’s comments on Bitcoin are especially rich, given that back in December, Minerd predicted Bitcoin at $400,000 per coin.
“Our fundamental work shows that Bitcoin should be worth about $400,000. It’s based on the scarcity and relative valuation such as things like gold as a percentage of GDP. So you know, Bitcoin actually has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions,” he said, about 7 months ago.
You can watch video of part of Minerd’s Friday morning appearance on CNBC here.
Fri, 07/09/2021 – 11:09