Scott Minerd, chief investment officer of Guggenheim Investments, said he’s no longer invested in bitcoin after he predicted earlier this year that the cryptocurrency could hit $600,000.
“The one thing I learned as a bond trader years ago, when you don’t understand what’s happening, get out of the market,” Minerd said in an interview on CNBC from the Milken Conference in Los Angeles. “So discipline tells me now I don’t fully understand this.”
He pointed out how if someone had invested in $1,000 in the shiba inu meme token in February, they would have made $2.1 million today.
In late June, when bitcoin was floating around $30,000, Minerd predicted that bitcoin could fall to around $15,000 at its low point.
Bitcoin today is trading over $63,000 and has climbed more than 40% this month.
“We were long going into that, we sold, it pulled back to where I thought it was and really after looking at it thought you know, we gonna probably go lower,” Minerd said. “Well, we didn’t, so we’re not in.”
In November, shortly before Minerd’s first bullish price prediction, Guggenheim filed an amendment with the U.S. Securities and Exchange Commission (SEC) to be able to invest up to almost $500 million in bitcoin through the Grayscale Bitcoin Trust (GBTC), which is a unit of Digital Currency Group, CoinDesk’s parent company.