Guggenheim Investmentsâ€™ global chief investment officer has some advice on what investors should do as the price of bitcoin plummets. His company, with $230 billion in assets under management, has been trying to buy bitcoin for months.
Guggenheimâ€™s Strategist Has Some Bitcoin Advice as Price Falls
Scott Minerd, Guggenheim Investmentsâ€™ global chief investment officer, has shared his recommendation on bitcoin as the price of the cryptocurrency tumbled. Guggenheim Investments is an asset management firm with over $230 billion under management. The price of bitcoin dropped about 25% in the past 24 hours, before recovering slightly. The market cap of bitcoin has fallen from more than $760 billion to below $600 billion during the same time period.
Minerd tweeted Sunday night:
Comments flooded his Twitter thread with many people accusing Minerd of manipulating the bitcoin market and wanting to purchase many bitcoins at a discount. â€œTake some off the table so you can scoop up cheap coin? Nah,â€ one Twitter user wrote. Another commented: â€œYou are not getting my bitcoin. Nice try.â€ A third opined, â€œYou must be new to bitcoin.â€
Another Twitter user chimed in: â€œEveryone reading this needs to realize that Guggenheim has not even bought [bitcoin] yet. They are still waiting on the approval from the SEC, their ability to buy from Greyscale Trust doesnâ€™t take into effect till January 31st.â€
Trader and economist Alex KrÃ¼ger shared Guggenheimâ€™s filing with the U.S. Securities and Exchange Commission (SEC) on Twitter, pointing out:
According to the companyâ€™s SEC filing, â€œthe Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (â€˜GBTCâ€™), a privately offered investment vehicle that invests in bitcoin.â€
In December, Minerd himself revealed that Guggenheim was waiting for the SEC to approve its fund to invest in BTC. â€œWe made the decision to start allocating towards bitcoin when bitcoin was at $10,000,â€ he was quoted as saying. â€œItâ€™s a little more challenging with the current price of $20,000.â€ Nonetheless, Minerd stressed that his firm will be buying bitcoin, predicting that the cryptocurrency would reach $400,000 based on its fundamentals.
What do you think about the Guggenheim strategistâ€™s advice on bitcoin? Let us know in the comments section below.
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