In the interview, Minerd said that investors shouldn’t be “anxious to be putting money in bitcoin right now" and predicted that bitcoin could spend the next few years trading sideways before the market turns bullish again.
In December, Minerd told Bloomberg that his firm’s fundamental analysis put bitcoin at $400,000. Just weeks after that in January, he told CNBC that there wasn’t enough institutional demand to support bitcoin’s then-all-time-high of $41,000 and that it could retrace to $20,000. In early February, he gave CNN his highest price target for bitcoin yet: $600,000.
In November, shortly before Minerd’s first bullish price prediction, Guggenheim filed an amendment with the U.S. Securities and Exchange Commission (SEC) to be able to invest up to almost $500 million in bitcoin through the Grayscale Bitcoin Trust (GBTC), which is a unit of Digital Currency Group, CoinDesk's parent company.
In May, Minerd tweeted: “Crypto has proven to be Tulipomania” – a reference to the Dutch tulip bulb market bubble in the 1600s, when the market crashed after a period of speculation.
Update: An earlier version of this story implied that Scott Minerd was changing an earlier prediction for bitcoin's price.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.