**Scott minerd, chief investment officer of Guggenheim partners, said in an interview on Wednesday that cryptocurrency has become a "barbarian" market, and bitcoin is expected to fall to $8000** It is understood that mined's current view of bitcoin is in sharp contrast to his previous strong preference for the asset. He once predicted that due to the scarcity of bitcoin and the "large amount of money printing" of the Federal Reserve, bitcoin will eventually climb to about $400000.
"Bitcoin and any cryptocurrency haven't really become a reliable institutional investment yet," mined said. "Everything is suspicious."
Mined said that although his company bought bitcoin for $20000 and sold it when it reached $40000, Guggenheim no longer holds bitcoin. He added that if the company wants to establish a position, it will be short the digital currency.
In addition, in the interview, mined also commented on US stocks and the US dollar. Mined believes that unless the stock market falls sharply, the Fed may still be committed to tightening policy. "I don't think the Fed will respond unless the stock market suddenly plummets," mined said.
"And if the Fed retreats because of the financial panic (which is likely to happen in the second half of this year), then I think the dollar will be under pressure."