I realize the headline isn’t completely accurate. Scott Minerd is, at best, adjacent to crypto.
After all, he is the CIO of Guggenheim Partners, an investment firm which is still in its ‘water wings’ crypto-wise. But, the way he doles out unsolicited advice on Twitter, he might as well be trustless Mother Teresa.
Scott Minerd, A.K.A. Bullish TA Guy
Minerd started the year off bullish. Sort of. In an interview with CNN, he predicted Bitcoin would reach 600,000 USD. That came just mere weeks after he said in January that Bitcoin will plateau at 41,000. And a few weeks before that, he said in December he thought Bitcoin could go as high as 400k. That’s a fair bit of yo-yoing, but to be fair, not much more than your average TA guy (“It could up, it could go down”). He at least paced it out over 2 months instead of one video.
But something changed in May. Minerd pivoted from scatterbrained influencer to the financial advisor who cares. He has been consistent since – I’ll give him that.
Thanks genius. It’s been like this for 10 years now 👏
— Crypto ฿itlord (@crypto_bitlord7) May 28, 2021
“Crypto investors be warned: be prepared for a volatile holiday weekend,” Minerd tweeted May 28th, just as Americans were brushing off their grills. Initially, the tweet rattled some folks. Even some of the most bullish people in all of the interwebs. Though, in the end, it was much ado about nothing. Crypto even rallied for a bit in June.
A few days after Minerd’s Memorial Day exhortation, Guggenheim announced their second foray into crypto investment products. Then, On June 25th, Minerd told CNBC that investors, “shouldn’t be anxious to be putting money in Bitcoin right now” and predicted a fall to 10-15k.
A technician’s rule to remember with Bitcoin: “Every time a support level is tested it becomes weaker.” That would mean support for $30,000 may soon fail.
— Scott Minerd (@ScottMinerd) July 16, 2021
Most recently, Minerd took to Twitter again for another weekend warning. “A technician’s rule to remember with Bitcoin: ‘Every time a support level is tested it becomes weaker.’ That would mean support for $30,000 may soon fail,” Minerd said. He didn’t even add the caveat, “Not financial advice.”
Trustless Mother Teresa
Is it possible that Scott Minerd is truly concerned about the financial well-being of crypto investors? Sure, it’s statistically possible. Not to mention, I haven’t looked too deeply into his biography. Maybe he has the kind of backstory that left him no choice but to be a humble man with a higher purpose?
Minerd did, after all, invoke Tulipmania, a term propagandized by Calvinists who thought the excesses of capitalism was evil. But, Minerd hardly seems like the type that would have to eschew his riches for a spot in the good place.
The answer is pretty clear to me. In lieu of service to a higher purpose, his tweets clearly belie a nefarious intent. So then, investors he feigns to care for are at risk, no?
Regulation When It’s Convenient
Strange then, isn’t it, that during all this recent regulation chatter, none of the talk was geared towards regulating large institutions capable of manipulating markets?
There was gobbledygook about stablecoins that are presumed to fail. When, exactly, no one seems to know, but they will, just trust us. We got some inane ICO blustering about again. But that’s so 2017 by now. All that action moved to DeFi anyway, so good luck with that SEC, CFTC, or whatever regulatory body is eventually deemed in charge. And, I don’t think we have to get into the latest Binance FUD. It will be old news (Uzbekistan/Iceland/Equatorial Guinea warns Binance…) by the time I post.
But, yet, we got nothing on Guggenheim tweeting FUD while developing investment products geared around said asset. It’s not like they are the only ones, either. JP Morgan and Goldman Sachs entered the crypto market while tweeting out concerns about prolonged bear markets and dips below support lines. It’s not like these are the same people who payed fines for manipulating stores of value, like silver.
I guess we know who the regulators really care about.
This content was originally published here.
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