Guggenheim Chief Investment Officer Scott Minerd says he’s no longer invested in bitcoin after he predicted earlier this year that the cryptocurrency could hit $600,000.
“The one thing I learned as a bond trader years ago, when you don’t understand what’s happening, get out of the market,” Minerd said in an interview on CNBC from the Milken Conference in Los Angeles. “So discipline tells me now I don’t fully understand this.”He pointed out how if someone had invested in $1,000 in the Shiba coin in February, they would have made $2.1 million today.In February Minerd predicted that bitcoin could hit $600,000 after saying in December that bitcoin could reach $400,000. In late June, Minerd predicted that bitcoin could fall to $10,000 to $15,000 at its low point. Bitcoin today is trading over $63,000 and has climbed more than 40% this month.“We were long going into that, we sold, it pulled back to where I thought it was and really after looking at it thought you know, we gonna probably go lower,” Minerd said. “Well, we didn’t, so we’re not in.”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.