Billionaire Jeff Gundlach Expects Recession This Year, Advises Against Buying Bitcoin – Markets and Prices Bitcoin News

Doubleline Capital CEO Jeffrey Gundlach, also known as the “Bond King,” has warned about “a recession in the later part of this year.” He also advised against buying bitcoin at the current level. “Maybe you should buy it at $25,000,” he said.

Billionaire ‘Bond King’ Jeff Gundlach on Recession, Bitcoin, and the Fed Raising Interest Rates

A billionaire Jeff Gundlach was quoted in a Yahoo Finance interview on Saturday warning about the possibility of a recession. In an interview with Yahoo Finance, Gundlach also discussed whether bitcoin should be purchased by investors.

Gundlach serves as the CEO at Doubleline Capital. The company has more than $137 billion of 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. Forbes estimates that his net worth currently stands at $2.2 million.

On being asked by Gundlach if there will be recession in 2023. “I think the bond market is already showing enough of a recession indicator that by 2023 it seems pretty likely,” Gundlach replied.

“I don’t think a lot of the Fed officials, economists, and investors appreciate the fact that the economy keeps buckling at lower and lower interest rates, so I think the Fed only has to raise rates four times and you’re going to start seeing a plethora of recessionary signals,” he warned, adding:

It’s certainly a non-zero probability that you get a recession in the later part of 2022.

Jamie Dimon, CEO of JPMorgan, stated Monday that the Federal Reserve may have to increase short-term rates by more than fourfold this year. “It’s possible that inflation is worse than people think. I, personally, would be surprised if it’s just four increases this year,” said the JPMorgan boss.

Earlier this month, a finance professor at the Wharton School of the University of Pennsylvania warned about inflation and predicted that the Fed will hike rates “many more times than the market expects.”

Regarding bitcoin, Gundlach stressed that the cryptocurrency is “for speculators.” Citing recent BTC price movements, he opined:

At the present moment, I would advise against bitcoin … Maybe you should buy it at $25,000.

Noting that he has never owned any bitcoin, the Doubleline CEO admitted, “That’s just not in my DNA.”

He elaborated: “Bonds fit my culture of cowardice. I’m not a momentum investor at all, and in fact I’m sort of an anti-momentum investor, and I think bitcoin is for momentum investors only.”

What do you think about Jeff Gundlach’s comments? Comment below to let us know your thoughts about Jeff Gundlach’s comments.

Kevin Helms

Kevin, a student of Austrian Economics and a Bitcoin evangelist since 2011, was one of the first to discover Bitcoin. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.

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