Bitcoin Price Prediction: Plunge To $20,000 Possible, Minerd Says
KEY POINTS
Bitcoin price could lose over 50% of its current value
Minerd remains bullish of the largest cryptocurrency in the long-term
Despite Bitcoin's aggressive rally the past seven months, rising from $10,600 to a record high $65,000, a prominent investor believes the largest cryptocurrency will tumble to less than half its current value before soaring to all-time highs in the long run.
Scott Minerd, Guggenheim Partner's global chief investment officer, believes Bitcoin's price is moving too fast and a major correction is likely in the horizon. In an interview with CNBC's "Worldwide Exchange" on Wednesday, Minerd believes a drop of 50% may happen soon.