Guggenheim Partners investment company warned about the risks of a bitcoin collapse to $10,000
The position of bitcoin is very shaky and the first cryptocurrency may fall to $10,000, according to Guggenheim Partners investment director Scott Meinerd. According to him, now investors have no reason to buy BTC.
Minerd justifies his forecast with historical data, when during the previous falls, Bitcoin declined by 80%.
"If you look at the history of cryptocurrencies and assess the current situation from these perspectives, I really think that this is a collapse. The collapse means a decrease of 70-80%, which corresponds to the levels of $ 10-15 thousand", Minerd said.
At the beginning of the recent rally, the expert was more bullish. So, in December last year, he predicted the growth of bitcoin to $400,000. However, at the end of April, the miner warned about a possible correction of BTC to $20,000, and in May called digital assets a bubble against the background of the market collapse.
From other news. Listed on the Hong Kong Stock Exchange, the developer of photo processing software Meitu recorded a loss of $2.6 million from the negative revaluation of the acquired cryptocurrency in the second quarter.
Investments in Bitcoin led the company to losses of $17.3 million. Investments in Ethereum, which brought $14.7 million in profit, allowed to recoup some of the losses.
Elon Musk criticized the Bitcoin and Ethereum blockchains for slow processing of transactions and high transaction costs. This is how he responded to a tweet by YouTube blogger Matt Wallace about the upcoming update of the Dogecoin cryptocurrency (DOGE).
Wallace said that with the update, Dogecoin will turn into "one of the most widely used cryptocurrencies in the world." The founder of Tesla agreed with this opinion.