Scott Minerd, Chief Investment Officer at Guggenheim, predicted Monday that the price of Bitcoin could fall to $8,000.
The price was just over $30,000 on Monday morning.
The ultimate bottom is 8,000 dollars, so we have a lot more room to fall, according to minerd.
The U.S. Federal Reserve has hiked interest rates and tightened monetary policy.
Since falling below $30,000 earlier in the month, bitcoin has struggled to rally. It has fallen below $30,000 many times.
It would cause more pain to the market, which has seen around $500 billion wiped off its value in the past month. The last 30 days have seen a decline in the price of the digital currency.
The CIO said that most of the digital currency is junk, but that it will survive.
He said that most of the currencies are junk.
I don't think we've seen the dominant player yet, he said.
The dotcom bubble of the early 2000s was compared by Minerd.
He said that if we were in the internet bubble, we would talk about how Yahoo and America Online were the great winners.
He said that currency needs to be a medium of exchange and unit of account, and that he didn't think we had the right prototype yet.
He said that none of these things pass on one basis. Minerd said that more technological advances could change that and help create an environment where people get used to using cryptocurrencies for transactions and are confident they will hold their value.
Christine Lagarde, President of the European Central Bank, said that cryptocurrencies are worthless.
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