Against the background of an increase in the key interest rate and tightening of monetary policy fed Bitcoin price could drop below $8,000. This was stated by Guggenheim Partners investment director Scott Minerd in an interview with CNBC.

“When you consistently hit $30,000, $8,000 is the ultimate bottom. So I think we still have a lot of room to cut, especially with the Fed acting tough.”

According to Minerd, most digital assets are “garbage”, but Bitcoin and Ethereum will survive the crypto winter. However, he does not believe that the dominant player in the industry has already been identified.

The Guggenheim investment director also compared the crypto market to the dot-com bubble:

“If we were sitting here during the internet bubble, we’d be talking about how Yahoo and America Online were the big winners. We couldn’t have predicted who would win for everyone else – Amazon or Pets.com.”

Minerd emphasized that the digital asset industry has not yet come to the right design for cryptocurrencies. According to him, currency should store value, be a medium of exchange and a unit of account.

“There is no such thing, they [криптовалюты] It didn’t even come to a single foundation,” he concluded.

Recall that Peter Schiff, a gold supporter and first cryptocurrency critic, previously predicted a test of $8,000 by Bitcoin.