2.7 C
New York
January 17, 2022

Billionaire Hedge Fund Manager Warns Bitcoin Can Be Bought at Cheaper Prices, Says BTC ‘for Speculators’

Jeffrey Gundlach, billionaire and founding father of funding agency DoubleLine Capital, is issuing a warning to traders about Bitcoin (BTC).

In a brand new interview with Yahoo Finance, Gundlach says though he was bullish on Bitcoin up to now, he’s now extra cautious and believes BTC is now for speculators, and it may be bought later at a reduced price.

“I used to be very optimistic on Bitcoin a 12 months in the past. It was round, I feel, as little as $4,000 or one thing…I assumed I used to be a bull as a result of I assumed it will go up 4x, and clearly, it went up much more than that, it went up 16x or one thing like that at the height.

But it peaked out and has double topped at $65,000 or so. It truly put in a minor new excessive in November, taking out the excessive that was in place round April or so, but it surely didn’t maintain. And that’s by no means a great signal.

I feel Bitcoin is for speculators at the current second. I might advise towards Bitcoin. I feel you might get a chance to purchase it – I feel now it’s at about $45,000, so about $20,000 off the highs. Maybe you should purchase it at $25,000.”

Gundlach then addresses the non-fungible tokens (NFTs) craze and says that regardless of being impressed with how briskly the NFT markets have grown, the house isn’t for him.

“A lot of people got in [Bitcoin] at $1,000. And it took a while to get to $60,000. The NFT thing went from worthless to what? $69 million? $96 million? It went from ‘I don’t know what an NFT is’ to ‘it’s worth $70 million.’ And so that’s certainly not for me. That’s for momentum investors on large doses of steroids.”

Bitcoin is exchanging palms at $46,262 at time of writing, a 9% lower from its 30-day peak of $50,840.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto e mail alerts delivered on to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl aren’t funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual threat, and any loses you might incur are your accountability. The Daily Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Daily Hodl an funding advisor. Please notice that The Daily Hodl participates in affiliate internet marketing.

Featured Image: Shutterstock/Blackdog1966/Andy Chipus

Related posts

Shib Inu and Dogecoin Competitor Explodes 50% in Just One Week As Bitcoin Breaks $51,000

Crypto Advisor

Is That You, Satoshi? Over $23,000,000 in Bitcoin Suddenly Moves After Lying Dormant Since 2011

Crypto Advisor

Here’s the ‘Value Zone’ for Bitcoin As BTC Tumbles, According to On-Chain Analyst Will Clemente

Crypto Advisor

Leave a Comment