Fund manager Jeff Gundlach spoke about his outlook for Bitcoin and the US dollar in an interview with CNBC on Thursday (July 15th).
Jeff Gundlach – CEO of Doubleline Capital
Billionaire Jeff Gundlach is the CEO of Doubleline Capital with over $ 135 billion in assets under management. He is sometimes referred to as the “Bond King” after appearing on the cover. New King of Bonds “. Institutional Investor named him” Money Manager of the Year “in 2013 and Bloomberg Markets named him one of the” Fifty Most Influential People “in 2012, 2015 and 2016.
“At the moment, the Bitcoin chart looks pretty scary. It has fallen sharply from $ 65,000 to around $ 31,500 and looks like a big head and shoulders top. “
At the time of writing, Bitcoin is currently trading at $ 32,100. Gundlach added:
“I’m not exaggerating my head and shoulders, but this one looks pretty convincing. It’s obviously premature to hit the $ 23,000 goal, but I have a feeling you should be able to buy it back under $ 23,000. “
Gundlach also commented on other investments:
“Interestingly enough, gold is really negative this year. The goods are very strong. Commodities have risen faster than stocks this year. But gold doesn’t seem to be avoiding him. And obviously the recent stronger dollar is not positive for gold either. “
In addition, Gundlach said that “the dollar has been more stable for the past few weeks and that will continue”.
“In the short term, the dollar looks solid. In the long term, the dollar will be destroyed. “
Gundlach assumes that the dollar will fall significantly in the medium term given the size of the US deficit.
Gundlach said last November that bitcoin and gold are good as a hedge against inflation. He also predicts that the stock market will “crack very strongly” within 18 months.
“When the next big crisis hits, I think the US will really be the worst performing market, and that will have a lot to do with a weaker dollar.”
According to News.Bitcoin