Scott Minerd, Chief Investment Officer of management company Guggenheim Partners, which has more than $233 billion in total assets under his management, has announced that he regrets not investing in the meme-inspired cryptocurrency Shiba Inu (SHIB) ahead of the big rally.
Scott Minerd: We could be SHIB millionaires
In an interview with CNBC, Minerd revealed earlier this year that he wished he had invested at a time when the Shiba Inu was trading near the bottom and this would lead to dazzling returns. Miner says the following about his regret:
If you had invested $1,000 in Shiba Coin in February or March, you would have had $2.1 million today… I wish I had invested $100,000.
Scott Minerd targets $600,000 in Bitcoin
During the interview, the executive revealed that he was confused by the price performance, which helped the token become the 11th largest cryptocurrency by market cap. Minerd stated that he “doesn’t fully understand” the cryptocurrency market, adding that as a bond trader, he’s learned to exit the market if he doesn’t understand it.
In December 2020, Minerd stated that he believes Bitcoin (BTC) “should be worth around $400,000”, while in February of this year he pointed to a price target of $600,000 based on fundamental research from the Guggenheim. In April, the CIO expected BTC to drop to a target of $20,000 to $30,000.
Shiba Inu in particular has seen its price plummet due to a spree of retail investors fueled by its massive circulating supply being curtailed by significant token burns. Also, after a SHIB supporter asked Tesla and SpaceX CEO Elon Musk how much he was holding on the Dogecoin (DOGE)-inspired cryptocurrency, SHIB trading volume rose enough to rival that of Ethereum.
Elon Musk, whom we quoted as , simply replied “no”, leading to a significant drop in the price of the cryptocurrency, which at one point fell more than 10%. Musk was then asked about another meme-inspired cryptocurrency, Floki Inu, and he said he only buys BTC, ETH, and DOGE.
Most recently, after trading for over $20 million on the trading frenzy popular decentralized NFT marketplace OpenSea, NFTs of the Shiba Inu ecosystem have seen their base price rise above 1.2 ETH.