• Guggenheim’s CIO compared the recent market rally to the dot-com bubble of the 90s.
  • Scott Minerd also said that he’s completely out of Bitcoin (BTC) admitting that he doesn’t understand it well.

The cryptocurrency market had a pretty solid run-up this year and is currently trading around its all-time high valuations of $2.53 trillion. A lot of new digital currencies emerged as a strong force in the market with valuations soaring to multi-billion dollars.

But in his recent comments, Guggenheim Partners Chief Investment Officer Scott Minerd said that a majority of the cryptocurrencies are just worthless and will fail. During an interview with Bloomberg TV on Tuesday, October 19, Miner said:

Seventy percent of the coins are garbage and will go away. The question is, just like the internet bubble, which of the companies, survive. Will Amazon be the big winner or will Pets.com be the big winner?

While comparing the current crypto market to the dot-com bubble of the 90s, Minerd didn’t name the specific cryptocurrencies that he expects to survive. Scott Minerd’s statement comes just on the day when the U.S. SEC approved the first Bitcoin ETF from ProShares linked to the Bitcoin futures contracts of the CME Group.

Read More: ProShares Bitcoin ETF registers record trading volumes on debut, BTC price crosses $64,000

Furthermore, speaking to CNBC earlier this week, the Guggenheim CIO said that he’s completely out of Bitcoin. Minerd noted:

The one thing I learned as a bond trader years ago, when you don’t understand what’s happening, get out of the market. So discipline tells me now I don’t fully understand this.

Earlier this year in June when the BTC price tanked under $30,000, Minerd predicted that BTC can correct an additional 50 percent i.e. to $15K. However, that didn’t happen! Rather the BTC price continued soaring and is currently trading close to its all-time high of $64,000.

Will Bitcoin correct from here?

Following Tuesday’s launch of the first Bitcoin ETF in the market, the BTC price has reached closer to its all-time high of $64,000. So far in October, the optimism surrounding Bitcoin ETF has fueled a 45 percent rally in the BTC price.

Analysts remain divided on whether it will be a sell-the-news kind of movement or will Bitcoin continue to soar further. Morgan Creek CEO Mark Yusko recently said that Bitcoin can see some profit booking after a solid run-up this month. However, Yusko remains bullish for Bitcoin in the long term and expects the BTC price to touch $250,000 in the next five years.

Read More: Morgan Creek: Bitcoin can see some profit-booking in short term, but $250,000 coming in five years

On the other hand, many analysts are expecting a $100K price target for BTC by the year-end. There is no surety of whether if Bitcoin could have a straight run-up till $100K. But the fourth quarter, in general, has always been bullish for Bitcoin.

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