In wake of the collapse of FTX, the cryptocurrency exchange, and the seeming meltdown of cryptocurrencies overall, the Chief Investment Officer of Guggenheim Partners, Scott Minerd, is issuing a warning to investors. He says that there will be further shakeouts in the crypto industry and the FTX saga won’t be the only one.

Minerd, who back in May forecasted that Bitcoin’s price would fall to $8,000, recently stated that he is certain that the cryptocurrency ecosystem will continue to advance in spite of the current crash of prices and high-profile enterprises.

While discussing about the U.S. Federal Reserve’s interest rate hike in a telecasted interview, he was quoted saying:

There’s another shoe to drop – I can’t tell you where it is. A year ago we were talking about crypto, and there were approximately 19,000 coins — there is going to be wash out just like the internet bubble.