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Guggenheim Investments\u2019 global chief investment officer has some advice on what investors should do as the price of bitcoin plummets. His company, with $230 billion in assets under management, has been trying to buy bitcoin for months.<\/strong><\/p>\n Scott Minerd, Guggenheim Investments\u2019 global chief investment officer, has shared his recommendation on bitcoin as the price of the cryptocurrency tumbled. Guggenheim Investments is an asset management firm with over $230 billion under management. The price of bitcoin dropped about 25%<\/a> in the past 24 hours, before recovering slightly. The market cap of bitcoin has fallen from more than $760 billion to below $600 billion during the same time period.<\/p>\n Minerd tweeted Sunday night:<\/p>\n Bitcoin\u2019s parabolic rise is unsustainable in the near term. Vulnerable to a setback. The target technical upside of $35,000 has been exceeded. Time to take some money off the table.<\/p>\n<\/blockquote>\n Comments flooded his Twitter thread with many people accusing Minerd of manipulating the bitcoin market and wanting to purchase many bitcoins at a discount. \u201cTake some off the table so you can scoop up cheap coin? Nah,\u201d one Twitter user wrote. Another commented: \u201cYou are not getting my bitcoin. Nice try.\u201d A third opined, \u201cYou must be new to bitcoin.\u201d<\/p>\n Another Twitter user chimed in: \u201cEveryone reading this needs to realize that Guggenheim has not even bought [bitcoin] yet. They are still waiting on the approval from the SEC, their ability to buy from Greyscale Trust doesn\u2019t take into effect till January 31st.\u201d<\/p>\n Trader and economist Alex Kr\u00fcger shared<\/a> Guggenheim\u2019s filing with the U.S. Securities and Exchange Commission (SEC) on Twitter, pointing out:<\/p>\n Guggenheim\u2019s SEC filing to invest in bitcoin via GBTC \u2026 proposed filing would become effective Jan. 31. Seems Minerd wants to buy $500 million in bitcoin and as the price runs higher he\u2019s now telling people to take profits.<\/p>\n<\/blockquote>\n <\/ins> <\/ins> <\/p>\n According to the company\u2019s SEC filing, \u201cthe Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (\u2018GBTC\u2019), a privately offered investment vehicle that invests in bitcoin.\u201d<\/p>\n In December, Minerd himself revealed<\/a> that Guggenheim was waiting for the SEC to approve its fund to invest in BTC<\/a>. \u201cWe made the decision to start allocating towards bitcoin when bitcoin was at $10,000,\u201d he was quoted as saying. \u201cIt\u2019s a little more challenging with the current price of $20,000.\u201d Nonetheless, Minerd stressed that his firm will be buying bitcoin, predicting that the cryptocurrency would reach $400,000 based on its fundamentals.<\/p>\nGuggenheim\u2019s Strategist Has Some Bitcoin Advice as Price Falls<\/h2>\n
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