Stayed Around 40 Million Won... Former Bitcoin Advocate Predicts "Sharp Drop to $10,000"

Scott Minerd Guggenheim Partners CIO "If You Want to Be a Speculator, Buy"
Paraguay Pushes for Bitcoin Legalization

[Asia Economy Reporter Gong Byung-sun] While the leading cryptocurrency Bitcoin remains around 40 million KRW, Scott Minerd, Chief Investment Officer (CIO) of the US investment firm Guggenheim Partners, claimed that Bitcoin could plunge to $10,000 (approximately 11.48 million KRW).

According to the domestic cryptocurrency exchange Upbit, as of 10:39 AM on the 11th, Bitcoin recorded 39.83 million KRW, up 0.54% compared to the previous day. It had dropped to 38.12 million KRW on the 9th but then recovered to around 40 million KRW.

CIO Minerd predicted a sharp decline in Bitcoin. On the 10th (local time), according to the US economic media CNBC, he said, "Bitcoin will fall to the $10,000 to $15,000 range," adding, "There is no reason to buy Bitcoin now, but if you want to be a speculator, you can buy it."

Minerd was a prominent Bitcoin advocate in the past, even claiming that Bitcoin could surpass gold in market capitalization. However, after Bitcoin reached its all-time high of 81.99 million KRW in April and then started to decline, he shifted to a negative stance on Bitcoin. In May, he also said that the cryptocurrency market is similar to the 2000 dot-com bubble.

Meanwhile, following El Salvador in Latin America, Paraguay is also pushing for Bitcoin legalization. On the 10th, Paraguayan congressman Carlitos Rejala tweeted, "We plan to submit a bill legalizing Bitcoin on the 14th," adding, "It will surprise Paraguay and the world." Earlier, he claimed to have identified illegal Bitcoin trading in Paraguay and expressed his desire to legalize it through regulation.

This content was produced with the assistance of AI translation services.