Investment manager Guggenheim has some advice as BTC loses billions – “Bitcoin’s parabolic surge is unsustainable” – markets and prices Bitcoin News
Guggenheim Investments Global Chief Investment Officer has some advice on what investors should do if Bitcoin’s price goes down. His company, with $ 230 billion in assets under management, has been trying to buy bitcoin for months.
The Guggenheim strategist has some bitcoin advice if the price is falling
Scott Minerd, Guggenheim Investments Global Chief Investment Officer, shared his recommendation on Bitcoin when the price of cryptocurrency fell. Guggenheim Investments is an asset management company with over $ 230 billion in assets under management. Bitcoin price has dropped about 25% in the past 24 hours before recovering slightly. Bitcoin’s market cap has fallen from more than $ 760 billion to below $ 600 billion over the same period.
Minerd tweeted Sunday night:
Bitcoin’s parabolic surge is unsustainable in the short term. Prone to setbacks. The targeted technical upside potential of USD 35,000 has been exceeded. Time to take some money off the table.
Comments flooded his Twitter thread with lots of people accusing Minerd of manipulating the bitcoin market and wanting to buy lots of bitcoins at a discount. “Do you take something off the table so you can scoop cheap coins? No, ”wrote a Twitter user. Another commented, “You are not getting my bitcoin. Nice try. “A third said,” You must be new to Bitcoin. “
Another Twitter user intervened: “Anyone reading this must realize that Guggenheim didn’t even buy [bitcoin] still. They are still awaiting SEC approval, their option to buy from the Greyscale Trust won’t go into effect until January 31. “
Trader and economist Alex Krüger shared Guggenheim’s filing with the US Securities and Exchange Commission on Twitter, noting:
Guggenheim’s SEC filing to invest in Bitcoin through GBTC … the proposed filing would take effect Jan. 31. It seems that Minerd wants to buy $ 500 million in Bitcoin and as the price gets higher he is now asking people to take profits.
According to the company’s SEC filing, “The Guggenheim Macro Opportunities Fund may indirectly seek investment in Bitcoin by investing up to 10% of its Net Asset Value in Grayscale Bitcoin Trust (” GBTC “), a privately offered investment vehicle that invests in Bitcoin. “
In December, Minerd himself announced that Guggenheim was waiting for the SEC to approve its fund to invest in BTC. “We made the decision to start allocating bitcoin when bitcoin was at $ 10,000,” he was quoted as saying. “It’s a little more difficult at the current price of $ 20,000.” Nonetheless, Minerd stressed that his company will buy bitcoin and predicted that the cryptocurrency would hit $ 400,000 based on its fundamentals.
What do you think of the Guggenheim strategist’s advice on Bitcoin? Let us know in the comment section below.
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