What Happened: In a recent interview with CNBC at the Milken Institute Global Conference, Minerd said he wished he had invested $100,000 in the meme-based cryptocurrency.
“Back in February or March, if you’d invested a thousand dollars into Shiba Coin, you would have $2.1 million today…I wish I’d invested a hundred thousand,” said Minerd.
Still, Minerd is confused by the token’s meteoric rise and admitted that he doesn’t “fully understand” the crypto market.
“The one thing I learned as a bond trader years ago when you don’t understand what’s happening, get out of the market,” he said.
In December, the Guggenheim CIO put a $400,000 price target on Bitcoin, which he revised to $600,000 in February 2021 citing Guggenheim’s fundamental research. In April 2021, Minerd predicted Bitcoin could “fall as low as $20,000.”
Speaking to Bloomberg at the same conference, Minerd predicted the majority of cryptocurrencies on the market today will fail.
“Seventy percent of the coins are garbage and will go away,” he said.
According to him, there will only be a handful of winners that mimick the success of Amazon.com Inc (NASDAQ:AMZN) after the dot.com bubble in the late 1990s.
Price Action: Bitcoin hit an all-time high of $66,930 on Wednesday. At the time of writing, the leading digital asset was trading at $64,500 with a daily trading volume of $45.5 billion.
SHIB was trading at $0.00002867 at press time, gaining 2.66% over 24 hours.
Photo: Jaycee Xie on Unsplash