Guggenheim CIO Scott Minerd has warned of a crypto washout similar to the internet bubble. cryptocurrency bitcoin
“There’s another shoe to drop,” he warned. Nonetheless, the executive is confident that the crypto industry will move forward despite the collapse of crypto exchange FTX.Guggenheim Partners Global Chief Investment Officer Scott Minerd shared in an interview with Bloomberg last week his thoughts on the future of cryptocurrency following the implosion of crypto exchange in FTX.
The CIO then proceeded to detail: “A year ago we were talking about crypto, and there were approximately 19,000 coins, to which my comment was, ‘this is mostly crap.'” He warned:“Just like the internet bubble, we will have survivors. The digitization of currency is just in its infancy, and how this evolves now is going to require a regulatory framework to legitimize it,” he opined. “I think we will move forward and I think this will transfer to the general economy.
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