Investment Manager Guggenheim Has Some Advice as BTC Sheds Billions — ‘Bitcoin’s Parabolic Rise Unsustainable’

Guggenheim Investments’ 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.

Guggenheim’s Strategist Has Some Bitcoin Advice as Price Falls

Scott Minerd, Guggenheim Investments’ 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:

Bitcoin’s parabolic rise is unsustainable in the near term. Vulnerable to a setback. The target technical upside of $35,000 has been 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 purchase many bitcoins at a discount. “Take some off the table so you can scoop up cheap coin? Nah,” one Twitter user wrote. Another commented: “You are not getting my bitcoin. Nice try.” A third opined, “You must be new to bitcoin.”

Another Twitter user chimed in: “Everyone 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 doesn’t take into effect till January 31st.”

Trader and economist Alex Krüger shared Guggenheim’s filing with the U.S. Securities and Exchange Commission (SEC) on Twitter, pointing out:

Guggenheim’s SEC filing to invest in bitcoin via GBTC … proposed filing would become effective Jan. 31. Seems Minerd wants to buy $500 million in bitcoin and as the price runs higher he’s now telling people to…

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