Guggenheim's Scott Minerd sees a lot more downside for bitcoin

Guggenheim Partners Chief Investment Officer Scott Minerd said he believes that bitcoin (BTC-USD) and crypto in general have a lot more downside from current levels. Minerd sees $8,000 as the ultimate bottom for Bitcoin, he said in an interview earlier Monday on CNBC from Davos, Switzerland. "I think we've got a lot more room to the downside, especially with the Fed being restrictive," Minerd said. "Let's face it most of these currencies are not currencies, they are junk. The majority of crypto is garbage." Minerd expects Bitcoin and Ethereum (ETC-USD) to be "survivors" in the crypto. Minerd said if he were given a $10,00 check today to invest anywhere the only place he would park his money in are in art or real estate. Recall October, Minerd said 70% of cryptos are garbage and will go away.