Billionaire investor Jeff Gundlach shared his bitcoin outlook in an interview with CNBC Wednesday.
Gundlach is the CEO of Doubleline Capital, which has over $137 billion in assets under management (AUM). He is sometimes referred to as the “bond king” after he appeared on the cover of Barron’s in 2011 as “The New Bond King.” Institutional Investor named him “Money Manager of the Year” in 2013 and Bloomberg Markets named him one of “The Fifty Most Influential” in 2012, 2015, and 2016. According to Forbes, his net worth is currently $2.2 billion.
The billionaire bond king explained that when the price of bitcoin fell below $30K, its chart indicated that $20K “was going to happen quickly, and it did.” Emphasizing that “The trend in crypto is clearly not positive,” Gundlach opined:
I’m not bullish at that $20,000 or $21,000 on bitcoin. I wouldn’t be surprised at all if it went to $10,000.
The Doubleline Capital CEO explained: “We’ve already seen around the edges some blowups in parts of the crypto world, and that could be foreshadowing some problems.”
There have recently been several disturbing events in the crypto space. This week, there are reports that crypto hedge fund Three Arrows Capital may be facing insolvency. Crypto lender Celsius Network also froze withdrawals abruptly early this week, citing extreme market conditions and volatility. In May, cryptocurrency terra (LUNA) and stablecoin terrausd (UST) collapsed; their implosion has led to investigations by various authorities.
Gundlach is the CEO of Doubleline Capital, which has over $137 billion in assets under management (AUM). He is sometimes referred to as the “bond king” after he appeared on the cover of Barron’s in 2011 as “The New Bond King.” Institutional Investor named him “Money Manager of the Year” in 2013 and Bloomberg Markets named him one of “The Fifty Most Influential” in 2012, 2015, and 2016. According to Forbes, his net worth is currently $2.2 billion.
The billionaire bond king explained that when the price of bitcoin fell below $30K, its chart indicated that $20K “was going to happen quickly, and it did.” Emphasizing that “The trend in crypto is clearly not positive,” Gundlach opined:
I’m not bullish at that $20,000 or $21,000 on bitcoin. I wouldn’t be surprised at all if it went to $10,000.
The Doubleline Capital CEO explained: “We’ve already seen around the edges some blowups in parts of the crypto world, and that could be foreshadowing some problems.”
There have recently been several disturbing events in the crypto space. This week, there are reports that crypto hedge fund Three Arrows Capital may be facing insolvency. Crypto lender Celsius Network also froze withdrawals abruptly early this week, citing extreme market conditions and volatility. In May, cryptocurrency terra (LUNA) and stablecoin terrausd (UST) collapsed; their implosion has led to investigations by various authorities.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.