The global chief investment officer of the $285 billion asset management firm Guggenheim Partners is predicting additional crypto fallout following the FTX collapse.
In a new interview with Bloomberg Television, Scott Minerd says more crypto casualties are likely due to bubble conditions.
“You know, a year ago we were talking about crypto and there were approximately 19,000 coins, to which my comment was: ‘This is mostly crap and there’s going to be a washout.’ And just like the Internet bubble, you know, we will have survivors.”
He also says that there remains a future for digital currencies despite some failures.
“The digitalization of currency is just in its infancy. And how this evolves now is going to require a regulatory framework to legitimize it. And I think we will move forward. And I think this will be transformative to the general economy.”
Minerd says he could not predict the next crypto market casualty but was fairly certain others are coming due to the amount of speculation going on in the digital asset space.
“I think there’s more to come… And the reason is that this is just like any number of periods where we’ve had easy money and a lot of speculation. And so the weakest players fall first.
And so crypto is obviously something that was crazy. NFTs [non-fungible tokens], I never quite understood them… There’s another shoe to drop – I can’t tell you where it is.”
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