Doubleline Capital CEO and billionaire Jeffrey Gundlach believes it is impractical to buy Bitcoin (BTC) at the current price with the threat of an impending recession. Billionaire Jeffrey Gundlach is of the opinion that “Bitcoin is for speculators and is worth $25,000 or less.” Details cryptocoin.com‘in.
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Jeffrey Gundlach, also known as the “bond king,” said that Bitcoin (BTC) is a tool of speculation. Referring to the recent changes in the price of the flagship cryptocurrency, he expressed his opinion on investing in cryptocurrencies. Gundlach stated that he has never invested in cryptocurrency as it goes against its nature. The famous billionaire says:
Bitcoin is currently for speculators. I recommend not to buy. It’s going to be choppy as people come out. Maybe you should buy it for $25,000…Bonds fit my culture of cowardice. I’m kind of an anti-momentum trader, and Bitcoin is only for momentum traders.
Also, the investor warned that a global economic recession could be expected this year or next. Gundlach emphasized that the probability of recession in the second half of 2022 is a non-zero probability. If the Federal Reserve raises interest rates and cuts its bonds, it could affect asset prices and plunge the economy into recession. The billionaire businessman says:
The bond market is already suggesting an economic slowdown. The economy continues to twist at lower and lower interest rates, so I think the Fed only needs to raise rates four times and you’ll start to see lots of recession signals.
According to Huobi Research last year, a change in US Federal Reserve policy could negatively impact the cryptocurrency market. The recent market decline has been caused by the US Federal Reserve’s recent announcement that an interest rate hike may be made in March rather than the usual time frame.
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