Doubleline Capital CEO Jeffrey Gundlach, also known as the “bond king,” says he would not be surprised at all if the price of bitcoin falls to $10K. “We’ve already seen around the edges some blowups in parts of the crypto world, and that could be foreshadowing some problems,” he explained.
‘Bond King’ Jeff Gundlach Discusses Bitcoin Falling to $10K
Jeff Gundlach is a multi-billionaire investor who shared his thoughts on Bitcoin in an interview with CNBC.
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 says that his net worth currently stands at $2.2 million.
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.”
Recently, there have been several worrying events in crypto. Three Arrows Capital is reportedly insolvent. The withdrawals of crypto lender Celsius Network were also frozen this week due to extreme volatility and market conditions. In May, crypto terra (LUNA), stablecoin terreusd (UST), collapsed. Authorities have begun investigating their demise.
Gundlach stated previously that bitcoin is only suitable for speculation. He advised against purchasing bitcoin in January when it was trading for $42K. The billionaire said at the time: “Maybe you should buy it at $25,000.”
In July last year, he predicted that bitcoin’s price would fall below the $23K level, stating:
I’ve got a feeling you’re going to be able to buy it below $23,000 again.
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