Billionaire ‘Bond King’ Jeff Gundlach says bitcoin appears to be in ‘bubble territory’

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

FILE PHOTO: Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital, speaks at the Sohn Investment Conference in New York Reuters "Bond King" Jeffrey Gundlach told CNBC on Monday bitcoin hit "bubble territory" once it passed $23,000, and he doesn't feel comfortable with the coin's current levels. "I don't like bitcoin here, I don't like things that are up on a stilt like that," the DoubleLine Capital founder said of the coin that rallied nearly 300% in 2020. He added that he's "neutral" on bitcoin.Bitcoin fell as much as 13% on Monday to $30,558. It's lost over $10,000 in value since hitting a record above $41,000 last week, but the coin is still up nearly 89% in the last month. Watch bitcoin trade live here. "Bond King" Jeffrey Gundlach told CNBC on Monday bitcoin hit "bubble territory" once it passed $23,000, and he doesn't feel comfortable with the coin's current levels. "I don't like bitcoin here, I don't like things that are up on a stilt like that," the DoubleLine Capital founder said of the coin that rallied nearly 300% in 2020. Bitcoin fell as much as 20% on Monday, to $30,324.

While the coin has lost roughly $10,000 in value since hitting a record above $41,000 ...read more...