Guggenheim Investments’ global chief investment officer has some advice on what investors should do as the price of bitcoin plummets. His company, with $230 billion in assets under management, has been trying to buy bitcoin for months.
Guggenheim’s Strategist Has Some Bitcoin Advice as Price Falls
Scott Minerd, Guggenheim Investments’ global chief investment officer, has shared his recommendation on bitcoin as the price of the cryptocurrency tumbled. Guggenheim Investments is an asset management firm with over $230 billion under management. The price of bitcoin dropped about 25% in the past 24 hours, before recovering slightly. The market cap of bitcoin has fallen from more than $760 billion to below $600 billion during the same time period.
Minerd tweeted Sunday night:
Bitcoin’s parabolic rise is unsustainable in the near term. Vulnerable to a setback. The target technical upside of $35,000 has been exceeded. Time to take some money off the table.
Comments flooded his Twitter