Jeffrey Gundlach, the CEO of Doubleline Capital, also called “Bond King” is certain that soon the value of Bitcoin will go beneath US$ 23,000. Said that he had examined Bitcoin’s charts thoroughly which seem to him quite scary. Also advises that buying the dip will not favor anyone anymore.
Jaffrey Gundlach – the Bond King – and the head of crypto fund management company, Doubleline Capital, has become skeptical about Bitcoin. He is one of those individuals who are considered “influencers” in the US. His company’s present-day net worth of the assets under management exceeds US$ 135 Billion. He himself is part of the billionaire group of the world. Interestingly, he was given the title of “Bond King” because of his professional acumen and expertise in bond trading.
The billionaire spoke to CNBC about Bitcoin and its expected future outcome. He also made some comments on the US Dollar currency as well during the interview.
He told CNBC that it took him a week to collect the data comprised on charts relating to Bitcoin. However, he had finished examining the charts and drawn the findings. He suggested that while considering the charts, it looks to him that the future of Bitcoin is scarier than he had expected. He commented that he never ever relied on the theory called “head-and-shoulders tops”. However, with regard to Bitcoin, he is forced to rely on this theory because Bitcoin’s near future isn’t that convincing. He predicted that as per his analysis, there will be a further reduction of at least US$ 8,000 in the value of Bitcoin. He claims that very soon the world would see Bitcoin traded at an average value of US$ 23,000 and even lesser.
Gundlach then talked about Gold and said that gold trading was also negative although it remained positive for many decades. With regard to commodity trading, he was convinced that it still has the potential to do good, particularly, better than gold or Bitcoin.
He then moved on to talk about a dollar and claimed that since the dollar is attached to gold, therefore, they both share the same fate. According to him, the dollar has been doomed and resultantly the global economies will shrink side by side with the US’s. He opined that the Government Officials are trying to deceive people that the dollar is in better shape. He pointed out that for short-term strategy the argument of Government officials is fine. However, for the long-term strategies, the dollar has become weaker and literally lost its worth, claimed Gundlach.
At the end of his interview, he said that the world is undergoing two crises at the time. Earlier there was one crisis at a time and therefore it took a short time for the economies to rebound.