Scott Minerd, Chief Investment Officer at Guggenheim Investments sends his advice to Bitcoin investors after Bitcoin’s value dropped.
Minerd of Guggenheim Investment had recently advised Bitcoin investors after the value of Bitcoin had dropped on Sunday, 10th January.
On the morning of Sunday, Bitcoin’s value saw a drop of approximately 25% and came down at US$ 30,000 from US$ 40,000 range. It was the biggest drop for the coin which it hadn’t seen for many years after 2017. Resultantly, the market capital for Bitcoin also dropped exponentially from US$ 760 Billion to US$ 600 Billion.
Later on Minerd sent a message in a tweet in which he advised Bitcoin investors to hold onto their investments. He suggested that he knew that Bitcoin’s surge was only a bubble which would pop sooner or later and that has happened.
Soon after his tweet, a large number of Bitcoiners started to accuse him of rendering a wrong advice. They accused him of being greedy as he wanted to have more for him by manipulating their minds. One of the twitter account holder went on to state that Minerd wants to scoop most of the Bitcoins at cheaper rates. Another twitter account holder said that no way they are letting Minerd taking his dirty hands on their Bitcoins.
Another user of Twitter said that the entire crypto industry knew that Guggenheim was desirous of purchasing Bitcoins. However, the company hadn’t invested any money in Bitcoin. Now the value of Bitcoin had dropped, therefore, Guggenheim through Minerd is trying to manipulate Bitcoininvestors’ minds, he added.
It was in December 2020, when Minerd spoke on behalf of the company and told that the company wanted to invest in Bitcoin. At that time he also apprised that the company had duly sought permission from SEC of US for the investment. However, so far the permission had not been granted. However, after 31st January, Guggenheim would be able to inject investment in Bitcoin.
It was also revealed by Minerd that Guggenheim wanted to invest about 10% of its reserve into Grayscale’s Bitcoin Trust. Nonetheless, the company is still awaiting the approval from SEC and before that it could not invest in Bitcoin.