{"id":481007,"date":"2022-01-13T17:00:14","date_gmt":"2022-01-13T17:00:14","guid":{"rendered":"https:\/\/ktsl888.com\/?p=481007"},"modified":"2024-06-11T07:44:53","modified_gmt":"2024-06-11T07:44:53","slug":"bitcoin-is-massively-overvalued-billionaire-bond-king-jeff-gundlach","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-is-massively-overvalued-billionaire-bond-king-jeff-gundlach\/","title":{"rendered":"Bitcoin Is Massively Overvalued, Billionaire \u2019Bond King\u2019 Jeff Gundlach"},"content":{"rendered":"
Billionaire Jeff Gundlach has shared his thoughts around bitcoin, saying that the digital asset is massively overvalued. Gundlach who is also known as the \u2018Bond King\u2019 is the founder of the investment firm, DoubleLine Capital.<\/p>\n
Bitcoin which has suffered numerous dips that have caused it to lose over 30% of its all-time high value continues to struggle, but even at these low prices, the billionaire does not believe that the cryptocurrency is actually worth its current value.<\/p>\n
Related Reading |\u00a0ARK Invest CEO Cathie Wood On What Will Drive Bitcoin Correction<\/a><\/strong><\/em><\/p>\n Gundlach appeared on Yahoo! Finance<\/a> to talk about a number of issues surrounding the financial markets. The billionaire is infamous among bond investors but talked about why bitcoin remains too high to purchase. For Gundlach, buying bitcoin now is a bad business move. This is because people are getting out as the price is falling and would cause the digital asset to become even more volatile.<\/p>\n However, the billionaire did not warn against purchasing the asset at all. In fact, Gundlach gives a price range at which he thinks that buying bitcoin would be a great move. He explained that investors should purchase the digital asset when it loses another $15,000 from its current value, putting the sweet spot for purchase at $25,000.<\/p>\n \u201cBitcoin is for speculators at the present moment. I would advise against buying it. It will be volatile as people get out. Maybe you should buy it at $25,000.\u201d<\/p>\n<\/blockquote>\n Gundlach, who has always been a big proponent of bonds, continued to push for it. He explains that bitcoin is for momentum investors, which he likened to FAANG stocks, and for him who is an anti-momentum investor, bonds are the perfect fit, saying, \u201cBonds fit my culture of cowardice.\u201d<\/p>\n \u201cIf you’re a momentum investor, it’s like playing roulette with a strategy that works as long as the wheel doesn’t come up on the zero or double zero. You’re making money, making money, and then eventually you get a double zero and you’re busted. Momentum investors tend to go out in a blaze of glory.\u201d<\/p>\n<\/blockquote>\n Bitcoin was not the only crypto asset that Gundlach touched on in his interview. The billionaire also focused NFTs, a fast-growing space that has gone from obscurity to one of the biggest markets in the crypto space in a matter of a year.<\/p>\n He explained that the growth of NFTs was too fast and like bitcoin, was an investment for \u201cinvestors on large doses of steroids.\u201d<\/p>\nBitcoin Is A Spectator\u2019s Market<\/h2>\n
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BTC trading at $43,750 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
NFTs Are Junky Stuff<\/h2>\n