The price of Bitcoin may fall below $8,000 against the backdrop of raising the key rate and tightening the monetary policy of the Fed, Guggenheim Partners investment director Scott Minerd has said in an interview with CNBC:
“When you hit $30,000 consistently, $8,000 is the ultimate bottom. So I think we still have a lot of room to cut, especially with the Fed acting tough.”
According to him, most digital assets are “junk”, but Bitcoin and Ethereum will survive the crypto winter. However, he does not believe that the dominant player in the industry has already been identified.
He has also also compared the crypto market to the dot-com bubble:
“If we were sitting here during the internet bubble, we would be talking about how Yahoo and America Online are big winners. For everyone else, we couldn’t have predicted who would win – Amazon or Pets.com.”