Scott Minerd Is At It Again, Says Most Crypto Is “Garbage”
Scott Minerd calling crypto garbage might be the most bullish thing ever.
Does Scott Minerd start panic buying at 80k or does he wait for 100k?
— ??Dylan LeClair?? (@DylanLeClair_) October 19, 2021
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Scott Minerd told Bloomberg during an interview that he thinks the majority of crypto is garbage. “Seventy percent of the coins are garbage and will go away,” Minerd said.
- The CIO of Guggenheim Investments said similar things about Bitcoin back in July. Though, he didn’t call the world’s biggest digital asset “garbage”, he did honestly believe BTC was falling to 20k. The kind-hearted CIO even warned the little guy several times about buying Bitcoin.
- It’s probably unfair to assume Minerd was taking advantage of the fact that the SEC can’t fine him for stock manipulation. It’s also similarly unfair to assume that his take on crypto being garbage is due to him wanting to buy some cheap SHIB on the dip.
- During the interview, Minerd also pontificated on Web 3.0 in a wholly original way saying that similar to the dotcom boom there will be winners and losers.
- Minerd didn’t just neg the cryptosphere the entire interview. He did say that although Bitcoin is on the expensive side, he wouldn’t recommend shorting BTC.
- Minerd also told CNBC the other day he’s completely out on Bitcoin. “The one thing I learned as a bond trader years ago, when you don’t understand what’s happening, get out of the market,” Minerd said.
- He added that a $1000 in Shiba Inu in February made millionaires. He’s not wrong on SHIB. But it’s interesting that he hasn’t taken himself out of the stock market for similar reasons, like this publicly-traded New Jersey deli that had a market cap of over a 100 million dollars.
Scott Minerd still sidelined waiting for 20K: https://t.co/hhZrYgmQpa pic.twitter.com/0YOkL1wUqB
— Will Clemente (@WClementeIII) October 19, 2021
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Text source: CryptosRus
