Guggenheim Investments’ global chief investment officer gives some advice on what investors should do if the price of Bitcoin drops. His company, with $ 230 billion in assets under management, has been trying to buy bitcoin for months.
Guggenheim’s strategist has some bitcoin advice if the price is falling
Scott Minerd, Guggenheim Investments Global Chief Investment Officer, shared his recommendation on Bitcoin when the price of the cryptocurrency fell. Guggenheim Investments is an asset management company with over $ 230 billion in assets under management. Bitcoin price fell about 25% in the past 24 hours before rebounding slightly. Bitcoin’s market cap has fallen from more than $ 760 billion to under $ 600 billion over the same period.
Minerd tweeted on Sunday night:
Bitcoin’s parabolic surge is unsustainable in the short term. Vulnerable to a setback. The targeted technical upward trend of USD 35,000 was exceeded. Time to take some money off the table.
Comments flooded his Twitter thread with many people accusing Minerd of manipulating the bitcoin market and wanting to buy many bitcoins at a discount. “Do you take something off the table so you can collect cheap coins? No, ”wrote a Twitter user. Another commented, “You don’t get my bitcoin. Nice try. “A third said,” You must be new to Bitcoin. “
Another Twitter user intervened: “Anyone reading this must realize that Guggenheim hasn’t even bought [bitcoin] still. You’re still waiting for SEC approval. Your ability to shop at Greyscale Trust will not take effect until January 31st. “
Trader and economist Alex Krüger divided Guggenheim’s filing with the US Securities and Exchange Commission on Twitter with the following notice:
Guggenheim’s SEC filing to invest in Bitcoin through GBTC … the proposed filing will take effect January 31st. Apparently, Minerd wants to buy $ 500 million worth of Bitcoin, and since the price is higher, it is now asking people to take profits.
According to the company’s SEC filing, “The Guggenheim Macro Opportunities Fund may indirectly seek exposure to Bitcoin by investing up to 10% of its net asset value in the Grayscale Bitcoin Trust (‘GBTC’), a privately offered investment vehicle that invests in Bitcoin . ”
In December, Minerd himself announced that Guggenheim was waiting for the SEC to approve its fund for investment BTC. “We made the decision to start allocating bitcoin when bitcoin was at $ 10,000,” he was quoted as saying. “It’s a little more difficult at the current price of $ 20,000.” Even so, Minerd insisted that his company would buy Bitcoin and forecast that the cryptocurrency would hit $ 400,000 based on its foundations.
What do you think of the Guggenheim strategist’s advice on Bitcoin? Let us know in the comments below.
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