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Minerd Once Saw $400k Bitcoin. Now He Just Sees ‘Bunch Of Yahoos’
Sometimes, Guggenheim's Scott Minerd is unequivocally correct. Like that time, on February 27, 2020, when he told Bloomberg's Joe Weisenthal on live television that "this has the potential to [turn] into something extremely serious."
By "this" he meant COVID-19. As some readers are likely aware, COVID-19 did indeed turn into something "extremely serious."
That day, Minerd said the virus was "possibly the worst thing I've ever seen in my career." It sounded hyperbolic. And I suggested as much.
98% devaluation of expectations…impressive…I first read about Bitcoin when it was $500 or so…I was 5-6 years away from my planned retirement and just couldn’t fathom investing $5000 or so in something with no inherent value given my financial planning / goals…oh well…at least I’m still comfortably retired according to plan…that helps…priorities…insane wealth isn’t everything you know…
Tulip mania- like trading candy crush tokens. Bad for the environment with the bulk of the benefits to theives, drug dealers and fraudsters. I have long said block chain/distributed ledger is an interesting and useful innovation but digital tokens/money not so much. Bottom line is that it is privately issued currency which historically has not ended well.
Meanwhile, “serious” money continues to march into the wider crypto space.
A headline this morning (Bloomberg): “Andreessen Horowitz raises $4.5 billion for record-breaking crypto fund”
Those who scoff at the notion that a further sell-off might have wider consequences, please take note. It is not only a bunch of millenials who put their inheritances at risk.
LOL, love the graphic. It was humorous to me at least.
It’s just too bad LUNA-C couldn’t be the ticker symbol for Luna Classic!