Jeffrey Gundlach, CEO of DoubleLine Capital, also known as the “Bond King,” says he would not be at all surprised if the price of bitcoin drops to $10K. He explained that “we have already seen some explosions on the edges in parts of the crypto world, and that could foreshadow some problems.”
‘Bond King’ Jeff Gundlach Discusses Bitcoin’s Drop to $10K
Billionaire investor Jeff Gundlach discussed his outlook for bitcoin in an interview with CNBC on Wednesday.
Gundlach is the CEO of DoubleLine Capital, which has more than $137 billion in assets under management (AUM); he is sometimes called the “Bond King” because he made the cover of Barron’s in 2011 as the “New Bond King”; in 2013 he was named an Institutional Investor named him “Money Manager of the Year” 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, his chart showed that $20K was “going to happen soon.” It did happen. Emphasizing that “the trend in crypto is clearly not positive,” Gundlach opined.
I’m not bullish on bitcoin at that $20,000 or $21,000; I wouldn’t be at all surprised if it got to $10,000.
The CEO of DoubleLine Capital explains it this way.” We have already seen some explosions around the edges in parts of the crypto world, and that could foreshadow some problems.”
There have been some disturbing events in the crypto space recently. This week, there are reports that crypto hedge fund Three Arrows Capital may be facing insolvency; Crypto lender Celsius Network also abruptly froze withdrawals earlier this week, citing extreme market conditions and volatility.5 In May, the cryptocurrency Terra (LUNA) and stablecoin Terrausd (UST) collapsed, and their collapse led to investigations by various authorities.
Gundlach had previously stated that Bitcoin was only for speculators; in January, whenBTCwas trading at about $42K when BTCwas trading at about $42K, he said crypto was massively overvalued BTCwas trading at about $42K, he said the crypto was massively overvalued and advised against buying it. The billionaire said at the time:” Maybe you should buy it for $25K.”
Last July, he predicted that the price of bitcoin would fall below the $23K level, stating.
I have a feeling we will be able to buy it for under $23,000 again.
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