In complete 180 on his stance just a few months agone, the global Chief Investment Officer of investment giant Guggenheim has reacted to the crypto market crash by referring to it every bit 'Tulipmania'.

It seems like Elon Musk is not the only wealthy person to make a u-turn on their position towards Bitcoin and crypto assets. As late equally Feb, Guggenheim's CIO Scott Minerd was calling for a long term Bitcoin price of $600,000 based on Guggenheim's "fundamental research".

But with markets plunging Minerd alluded to a bubble with his comments earlier today that claimed that "supply has swamped demand".

Tulipmania is a phrase derived from a catamenia during the Dutch Gilded Age when prices for some bulbs of the fashionable tulip reached extraordinarily high levels, and then dramatically collapsed.

Compound Finance founder Robert Leshner argued that Minerd's tweet was inaccurate:

"Scott is dead wrong, bordering on financial malpractice. The supply of cryptocurrencies (#Bitcoin) and crypto assets ($ETH, $COMP, etc) does not increment as a function of price. That's like maxim the supply of stocks increases, as demand does."

Other industry experts too chimed in with crypto YouTuber Lark Davis replying with "wasn't your visitor going to invest hundreds of millions into Bitcoin? This comment shows you lot guys must take done almost no research on the topic, shocking."

Others speculated that the investment company was trying to push button prices down and so that they could buy more.

Information technology is not the first time Minerd has flip-flopped with his stance on crypto avails. In January he said that BTC would dump to $xx,000 adding that it would go no higher than its price at the time which had only topped $40,000.

The FUD followed Guggenheim's proposed SEC filing to buy $500 million in BTC with critics arguing it may take been an effort to continue markets low to facilitate cheaper purchases. These surly statements also came after a declaration in December in which he stated that the nugget should be one day worth $400,000.

In April, Minerd was dorsum with his predictions of doom and gloom calling for a render to $20,000 after Bitcoin had already blasted past $l,000. In the weeks that followed the asset went on to reach an all-time high of $65,000 before the inevitable correction began.

The pullback as information technology stands is currently at 43.5% with BTC hitting an intraday depression of $36,700 in late trading on Wednesday, May 19.