Bitcoin will survive but could crater to $8,000 and won't end up as the dominant crypto, says Guggenheim's Minerd

Scott Minerd, Guggenheim's chief investment officer, said that the price of the digital currency could be as low as $8,000.

The ultimate bottom is 8,000 dollars when you break below 30,000 dollars a day.

The world's largest coin by market cap has been hovering around $30,000 for several weeks and is weighing down on the wider community.

The miner said that the canary in the coal mine is the digital currency.

He said that most of the currencies are junk. The majority of the coins are garbage.

The current environment is similar to the dot com bubble of the early 2000s, when only a few companies survived, according to minerd.

I don't think we've seen the dominant player yet.