Reuters
- “Bond King” Jeffrey Gundlach told CNBC On Monday, bitcoin hit ‘bubble area’ as soon as it surpassed $ 23,000, and it does not feel comfortable with the current levels of the currency.
- “I do not like bitcoin here, I do not like things that are on such a set,” said the founder of DoubleLine Capital about the coin that gained almost 300% in 2020. He added that he was “neutral” about bitcoin.
- Bitcoin fell 13% to $ 30,558 on Monday. It has lost more than $ 10,000 in value since reaching a record high of more than $ 41,000 last week, but the currency has continued to rise by almost 89% over the past month.
- Watch bitcoin trading live here.
‘Bond King’ Jeffrey Gundlach told CNBC on Monday that bitcoin has hit ‘bubble area’ as soon as it exceeds $ 23,000, and he does not feel comfortable with the current levels of the currency.
“I do not like bitcoin here, I do not like things that are like that on a set,” said the founder of DoubleLine Capital about the coin that gained almost 300% in 2020.
Bitcoin fell 20% to $ 30,324 on Monday. Although the currency has lost about $ 10,000 in value since hitting a record high of more than $ 41,000 last week, it is still nearly 89% higher over the past month. Gundlach suggested that the rise of bitcoin happened all too quickly.
“It seems like people are so much on one side of the boat that I really do not really believe the boat can do so well, and I think that’s where bitcoin is currently on the positive side,” he said.
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The investor added that bitcoin has a “tremendous supply and demand dynamic” as institutions get involved. The total number of bitcoins that can ever be mined is 21 million, which means that supply remains scarce even as demand grows. He insisted he was not a “bitcoin hater” and told CNBC that he was neutral with bitcoin after it fetched $ 23,000.
In a DoubleLine webcast in December, he said: ‘I’m not a bitcoin pro or fellow human being. I’m not in the cult, and I’m not in the anti-bitcoin cult. representation of animal spirits and speculation. “
Gundlach said earlier in an October 1 RealVision interview that he “does not believe in bitcoin.”
“I think it’s a lie,” he said. “I think it’s very tracked, traceable. I do not think it’s anonymous.” Gundlach later added that he ‘was not a bitcoin hater at all’.
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