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.

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Featured Image: Shutterstock/Blackdog1966/Andy Chipus

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