DoubleLine Capital CEO and co-founder Jeffrey “Bond King” Gundlach said Bitcoin hasBubble Territory” since hitting $20,000.
“Bitcoin, for me, is now in the Bubble Territory based on how it behaves. The people who show that it has a great supply-demand dynamic if indeed institutions are involved, they’re right about that,” he told CNBC.
Gundlach explained how last year he had two beliefs: that the dollar was going down and bitcoin going up. “When bitcoin hit around $23,000 I thought it was starting to look like madness”
He said he was neutral on decentralized currencies after breaking the $20,000 milestone. After bitcoin hit $40,000 then dropped nearly 20% on Monday, Gundlach commented on the coin’s behavior.
“It’s easy to change because it’s all over. I don’t like bitcoin here. I don’t like things standing on stage like that,” Gundlach said. I’m not really a contrarian, but there were times when people seemed to be on one side of the boat so much that I couldn’t believe the boat was going well. “