Billionaire Jeff Gundlach has shared his thoughts around bitcoin, saying that the digital asset is massively overvalued. Gundlach who is also known as the ‘Bond King’ is the founder of the investment firm, DoubleLine Capital. Bitcoin which has suffered numerous dips that have caused it to lose over 30% of its all-time high value continues to struggle, but even at these low prices, the billionaire does not believe that the cryptocurrency is actually worth its current value. Related Reading | ARK Invest CEO Cathie Wood On What Will Drive Bitcoin Correction Bitcoin Is A Spectator’s Market Gundlach appeared on Yahoo! Finance to talk about a number of issues surrounding the financial markets. The billionaire is infamous among bond investors but talked about why bitcoin remains too high to purchase. For Gundlach, buying bitcoin now is a bad business move. This is because people are getting out as the price is falling and would cause the digital asset to become even more volatile. However, the billionaire did not warn against purchasing the asset at all. In fact, Gundlach gives a price range at which he thinks that buying bitcoin would be a great move. He explained that investors should purchase the digital asset when it loses another $15,000 from its current value, putting the sweet spot for purchase at $25,000. “Bitcoin is for speculators at the present moment. I would advise against buying it. It will be volatile as people get out. Maybe you should buy it at $25,000.” Gundlach, who has always been a big proponent of bonds, continued to push for it. He explains that bitcoin is for momentum investors, which he likened to FAANG stocks, and for him who is an anti-momentum investor, bonds are the perfect fit, saying, “Bonds fit my culture of cowardice.” “If you’re a momentum investor, it’s like playing roulette with a strategy that works as long as the wheel doesn’t come up on the zero or double zero. You’re making money, making money, and then eventually you get a double zero and you’re busted. Momentum investors tend to go out in a blaze of glory.” BTC trading at $43,750 | Source: BTCUSD on TradingView.com NFTs Are Junky Stuff Bitcoin was not the only crypto asset that Gundlach touched on in his interview. The billionaire also focused NFTs, a fast-growing space that has gone from obscurity to one of the biggest markets in the crypto space in a matter of a year. He explained that the growth of NFTs was too fast and like bitcoin, was an investment for “investors on large doses of steroids.” Related Reading | Jack Dorsey Launches Bitcoin Defense Fund To Aid Devs Facing Litigation Gundlach further said that for him, when it comes to buying things like art, he would only buy quality. Comparing it to real estate, he states that “You should really buy the highest quality, as these assets can appreciate very steadily.” As the financial markets await a decision from the Fed, the billionaire also warned that the Fed could send the economy into recession if it tightened its monetary policy. Featured image from Bitcoin News, chart from TradingView.com
Giancarlo has been a vocal supporter of cryptocurrencies and CBDCs and has called for a “do no harm approach” to blockchain regulation.
Ethereum Cat Herders Podcast We're excited to announce the launch of a new ECH podcast currently available on Spotify. Here is the link to our first episode with Andre Cronje about innovation and smart contracts. Spotify – https://open.spotify.com/show/7dgxKMkSyy3HWtQW7OfqXA submitted by /u/poojaranjan19 [link] [comments]
What's a halving? New Bitcoin are issued each time a block is mined. In 2009 the reward was 50 BTC for mining a block. Every 210,000 blocks the reward is halved. It takes about 10 minutes to mine a block so a halving event occurs every 4 years. The last halving was May 11, 2020…
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I have a window tint and car wrap company in the US and we have been preparing to accept crypto as payment. We now have the wallet set up and the signage is about to be printed so.. Just curious what coins people of this sub would actually use to pay for something like this?…
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Following Mozilla’s decision to pause crypto donations due to environmental concerns, a number of Wikimedia Foundation community members have submitted a proposal that asks the foundation to stop accepting digital currency donations. The proposal explains that crypto donations “signals [an] endorsement of the cryptocurrency space,” and also says that “Cryptocurrencies may not align with the […]
I do not understand why crypto wallet is better than my credit/debit card and what the hype is all about.. Can someone explain like I am 5 how I can buy a pizza with Crypto Wallet without going through extra steps? Also please tell me about Marketcap and price of your token in actual fiat.…
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And surprise you need internet for crypto… Coming from a person living in Lebanon (a country on the verge of political, economical, and civil collapse) I can tell you that only a self centered asshole will look at what's going on Kazakhstan and just think of Bitcoin. They're having much bigger problems than…
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