(Bloomberg) — The majority of cryptocurrencies are worthless and will fail, with just a handful of big winners remaining, Guggenheim Partners Chief Investment Officer Scott Minerd said.
Similar to the dot-com boom of the late 1990s, the world of digital currencies will produce some breakout successes like Amazon.com Inc., which went public in 1997, while most of the field will fade away, as Pets.com did, Minerd said Tuesday.
“Seventy percent of the coins are garbage and will go away,” Minerd said in a Bloomberg Television interview from the Milken Institute Global Conference in Beverly Hills, California.
Wood, Mnuchin Rank Among Day Two Highlights (10:30 a.m. NY)
The hybrid in-person and virtual conference resumed Tuesday with another busy session. Sandwiched between an early workout at a West Hollywood gym and an afternoon sound-bath meditation, there’s the usual big names on the agenda.
For finance pros, highlights include Oaktree Capital Management’s Howard Marks at 8:30 a.m. Beverly Hills time (11:30 a.m. New York) as well as Ark Investment Management’s Cathie Wood and former Treasury Secretary Steven Mnuchin appearing jointly at 2 p.m.
Junk-bond pioneer and conference namesake Michael Milken moderates a 10 a.m. panel on credit. “While the share of the riskiest credits is close to an all-time high and inflation worries continue to linger, the future years seem set for borrower-friendly deal terms and search for yield,” is how the agenda describes that gathering. It’s enough to quicken any investment banker’s pulse.
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