• Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
edifyingcrypto.com
  • Home
  • Crypto News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Regulation
  • Scams
  • Trading
No Result
View All Result
  • Home
  • Crypto News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Regulation
  • Scams
  • Trading
No Result
View All Result
EdifyingCrypto.com
No Result
View All Result

Bitcoin Is Massively Overvalued, Billionaire ’Bond King’ Jeff Gundlach

January 13, 2022
in Bitcoin
Reading Time: 3min read
A A
0
Bitcoin Is Massively Overvalued, Billionaire ’Bond King’ Jeff Gundlach
2
SHARES
7
VIEWS
ShareShareShareShareShare

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.

Related Reading | ARK Invest CEO Cathie Wood On What Will Drive Bitcoin Correction

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.”

“If 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.”

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.”

Related Reading | Jack Dorsey Launches Bitcoin Defense Fund To Aid Devs Facing Litigation

Gundlach further said that for him, when it comes to buying things like art, he would only buy quality. Comparing it to real estate, he states that “You should really buy the highest quality, as these assets can appreciate very steadily.”

As the financial markets await a decision from the Fed, the billionaire also warned that the Fed could send the economy into recession if it tightened its monetary policy.

Featured image from Bitcoin News, chart from TradingView.com

Credit: Source link

Share1SendTweet1PinShare
Previous Post

A new lawsuit against Pool Together puts the principles of DeFi to the test

Next Post

India is about to have its first Bitcoin ETF despite the regulatory limbo

Next Post
India is about to have its first Bitcoin ETF despite the regulatory limbo

India is about to have its first Bitcoin ETF despite the regulatory limbo

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

Stablecoin Regulations Need To Allow Room for Failure, Says Crypto-Friendly SEC Commissioner Hester Peirce

One Ethereum Rival Tripled Its Share of Total Value Locked Across DeFi After Terra (LUNA) Implosion: New Study

July 18, 2022
Ethereum Whale Splurges $637,000,000 on One Crypto Exchange Token, Making It Top Traded Coin Among ETH Investors

Ethereum Whale Splurges $637,000,000 on One Crypto Exchange Token, Making It Top Traded Coin Among ETH Investors

January 31, 2022

Trending.

Bitcoin shows slight recovery – These are the reasons behind the correction

Bitcoin moves sideways, will the price buckle under the bears’ pressure?

April 8, 2021
Bitcoin’s Taproot upgrade activates – why it could spell trouble for Ethereum

Polygon unveils zkEVM, the first EVM-equivalent Layer 2 ZK solution

July 21, 2022
Why Tron and Justin Sun are unstoppable

Why Tron and Justin Sun are unstoppable

April 8, 2021
SafeMoon fans want Kim Kardashian to promote coin after Ethereum Max post

SafeMoon fans want Kim Kardashian to promote coin after Ethereum Max post

June 16, 2021
Ethereum (ETH) and Solana (SOL) Hinting at Relief Rallies Going Into September, Says Crypto Analyst – Here’s Why

Ethereum (ETH) and Solana (SOL) Hinting at Relief Rallies Going Into September, Says Crypto Analyst – Here’s Why

July 18, 2022

About Us

This is an online news portal that aims to provide the latest crypto news and real-time updates around the world. Feel free to get in touch with us!

What’s New Here!

  • Flippening Forewarning? Ether Options Overtake Bitcoin As The Top Crypto To Trade
  • Do Kwon Hires Law Firm in South Korea Anticipating Legal Battle: Report
  • Dogecoin Jumps 15% In 24 Hours As DOGE Overcomes Critical Level

Subscribe Now

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2021 - edifyingcrypto.com - All rights reserved!

No Result
View All Result
  • Home
  • Crypto News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Regulation
  • Scams
  • Trading

© 2021 - edifyingcrypto.com - All rights reserved!

  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • RelevantRelevant(REL)$0.791.67%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • CageCage(C4G3)$0.005010-3.67%
  • HabitatHabitat(HBT)$0.0061650.00%
  • Protector RogeProtector Roge(PROGE)$0.000000-7.13%
  • SYBC CoinSYBC Coin(SYBC)$0.025850-1.92%