Billionaire Jeff Gundlach has shared his thoughts around bitcoin, saying that the digital asset is massively overvalued. Gundlach who is also known as the ‘Bond King’ is the founder of the investment firm, DoubleLine Capital.
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.
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Bitcoin Is A Spectator’s Market
Gundlach appeared on Yahoo! Finance 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.
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.
“Bitcoin 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.”
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, “Bonds fit my culture of cowardice.”
«Эгер сиз импульсивдүү инвестор болсоңуз, бул дөңгөлөк нөлгө же кош нөлгө чыкпаса, иштей турган стратегия менен рулетка ойногон сыяктуу. Сиз акча таап жатасыз, акча таап жатасыз, анан акырында сиз кош нөлгө ээ болосуз жана сизди талкалап жатасыз. Импульстун инвесторлору атак-даңктын жалындап кетишет ».
BTC trading at $43,750 | Source: BTCUSD on TradingView.com
NFTs Are Junky Stuff
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.
He explained that the growth of NFTs was too fast and like bitcoin, was an investment for “investors on large doses of steroids.”
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Гундлах андан ары ал үчүн искусство сыяктуу нерселерди сатып алууга келгенде сапатты гана сатып аларын айтты. Аны кыймылсыз мүлккө салыштырып, ал мындай дейт: "Сиз чындап эле эң жогорку сапатты сатып алышыңыз керек, анткени бул активдер абдан туруктуу бааланышы мүмкүн".
Финансы базарлары ФРдин чечимин күтүп жатканда, миллиардер ФРС акча-кредит саясатын катаалдаткан болсо экономиканы рецессияга алып келиши мүмкүн экенин да эскертти.
Биткойн жаңылыктарындагы өзгөчөлөнгөн сүрөт, TradingView.com сайтындагы диаграмма
Source: https://www.newsbtc.com/news/bitcoin/bitcoin-is-massively-overvalued-billionaire-bond-king-jeff-gundlach/