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Bitcoin (BTC), Ethereum (ETH), and most cryptocurrencies have rallied this month and appear poised to challenge their previous all-time highs set earlier this year. However, Scott Minerd is not bullish on the long-term prospects of most digital currencies believing that they will likely fail in the long run.
Scott Minerd, Chief Investment Officer of Guggenheim Global, made his observation during an interview with Bloomberg Television on Tuesday. “Seventy percent of the coins are garbage and will go away,” Minerd said, according to Business Insider.
He likened the various cryptocurrencies present today to the proliferation of internet companies in the ’90s. Of course, only a small percentage of those firms managed to survive after the dot-com bubble burst.
“The question is, just like the internet bubble, which of the companies, survive,” Minerd pointed out. “Will Amazon be the big winner or will Pets.com be the big winner?”
While Minerd might have been pessimistic on the long-term prospects of the majority of digital currencies, he cautioned investors against shorting Bitcoin. The Guggenheim executive expects BTC to continue its rally in the coming months but did not offer a price estimate for the crypto.
“You see bitcoin and Bitcoin and what it's done over the last few weeks,” Minerd said. “I can't tell you it's a value but I won't tell you that you should short it because you know it's likely to be higher in the coming months.”
Bitcoin continued its rally in October and managed to breach above $60,000 earlier this week. BTC traded at $64,059.47 at the time of writing based on Coindesk data but it remains to be seen if the crypto could surpass its all-time high of $64,888.99 set in April 2021.
In February this year, Minerd said that Bitcoin has the potential to go as high as $600,000 per token. This could happen as cryptos become increasingly important in the global scene.
“If you consider the supply of Bitcoin relative to the supply of gold in the world and what the total value of gold is, if Bitcoin could go to those kinds of numbers, you’d be talking about $400,000 to $600,000 per Bitcoin,” Minerd explained. “I’m not saying that we’ll ultimately get there but that’s an indication of what might be a measure of fair value.”
