The cryptocurrency market was hit hard by the collapse of one of the largest exchanges, FTX. This situation in FTX was reflected in the general market and confidence waned. Some investors and analysts think there will be more crashes in the market. One of them is Scott Minerd, Chief Executive Officer of Guggenheim Partners. Minerd says the crash won’t be limited to FTX. Here are the details…
Scott Minerd’s cryptocurrency forecast is pretty negative
Following the collapse of cryptocurrency exchange FTX and the meltdown of cryptocurrencies in general, Guggenheim Partners Chief Investment Officer Scott Minerd has issued a warning to investors. Minerd predicts there will be more shake-ups in the crypto industry. He also says that the FTX crisis will not be the only one in the industry. In addition, Minerd stated that although he predicted that larger disasters would occur, there would be survivors.
cryptocoin.com As we reported earlier, Minerd predicted that the price of Bitcoin would drop to $8,000 in May. However, he recently stated that he is confident that the cryptocurrency ecosystem will continue to move forward despite the current price drop. Yet, according to Minerd, the years of easy money are now coming to an end. Therefore, there will be more “fallout” in the growing industry. Talking about the US Federal Reserve’s rate hike in a televised interview, he said:
There’s one more part to drop – I can’t tell where. We were talking about crypto a year ago and there were about 19,000 tokens – it’s going to be washed away like the internet bubble.
Minerd pointed to the regulatory framework
He noted that the digitalization of cryptocurrencies and money in general is still in its infancy. He stressed that only an appropriate regulatory framework will determine how the development of the industry will take shape in the coming future. Because, just like any period when we make easy money and speculate a lot; The weakest players fall first. “Crypto was clearly a crazy thing,” according to Minerd.
Earlier, Minerd had also insisted that cryptocurrencies are necessary to store value, become a unit of account and also act as a medium of exchange. “I don’t think we have the right prototype for crypto yet,” Minerd said. On the other hand, speaking of the recent rate hike, Minerd estimates that the Fed’s strict monetary policy over the next two years will cause unemployment to rise by about 2%.
Meanwhile, Bitcoin (BTC) is changing hands at $17,469, down 1.5 percent. On the other hand, Ethereum (ETH) is at $1,276 with a 1.1 percent depreciation. Major cryptocurrencies such as BNB, XRP, ADA are also trading on the red board.
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