Scott Minerd, the Chief Investment Officer of Guggenheim Partners, an asset management firm with more than $233 billion in total assets under management, has revealed he regrets not investing in the meme-inspired cryptocurrency Shiba Inu ($SHIB) ahead of its massive rally.
During an interview with CNBC, Minerd reveaçed he wished he had invested in Shiba Inu earlier this year when it was trading close to its bottom, which would have led to dazzling returns. Minerd said:
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.
During the interview, the executive revealed he is confused by the token’s price performance, which helped it become the 11th largest cryptocurrency by market capitalization. Minerd noted he doesn’t “fully understand” the cryptocurrency market and added that as a bond trader, he learned to 2get out of the market” if he does not understand it.
Back in December 2020, Minerd noted he believes bitcoin “should be worth about $400,000,” while in February of this year, based on Guggenheim’s fundamental research, Minerd pointed to a $600,000 price target. In April, the CIO expected BTC to drop to a $20,00 to $30,000 target.
Notably, Shiba Inu has seen its price explode over a retail trading frenzy that was bolstered by the cryptocurrency’s massive circulating supply being confronted with significant token burns.
The cryptocurrency’s trading volume has surged to rival that of Ethereum after a supporter asked Tesla and SpaceX CEO Elon Musk, who has been a vocal supporter of rival meme-inspired cryptocurrency Dogecoin ($DOGE) how much SHIB Musk was holding.
Musk replied with one word, “none,” leading to a significant crash in the price of the cryptocurrency, which at one point was down more than 10%. Musk was then asked about another meme-inspired cryptocurrency, Floki Inu, to which he replied he only bought BTC, ETH, and DOGE.
The trading frenzy has seen the floor price for the native non-fungible tokens (NFTs) of the Shiba Inu ecosystem rise above 1.2 ETH, after over $20 million worth of these tokens were traded on the popular decentralized NFT marketplace OpenSea.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash
Source: Read Full Article