Crypto Detractor Jeffrey Gundlach Predicts a Rise in Bitcoin’s Price

By Swati Kishore

American investor and businessman, Jeffrey Gundlach, who is fondly called The Bond King by many, has revealed in a recent interview with CNBC that he thinks that the world’s largest cryptocurrency, Bitcoin may see gains in the near future and that it may rise by as much as 25 per cent.

These comments have garnered a lot of interest as Gundlach is known to be an active detractor of cryptocurrencies.

Interestingly, Gundlach has so far managed over USD 200 billion in investment money. Being a supporter of the traditional monetary system, Gundlach maintains his negative stance on cryptocurrencies. He has famously branded digital currencies as “the poster child for social mood and market mood.”

Despite his negative view on cryptos, Gundlach still could not hold back from asserting that Bitcoin will rise in the future. As per the interview, Gundlach has said that he sees Bitcoin touching the mark of USD 5,000 very soon. He, however, maintained that he does not recommend anyone to buy Bitcoin. Gundlach said in the interview,

“I don’t recommend anything with Bitcoin, really… but if you really want to speculate, I think it could make it to USD 5,000. Talk about an easy 25%.”

Ironically, in the same vein, Gundlach also advised investors and traders to get out of Bitcoin.

While we cannot state why Gundlach made such contradictory statements, yet we cannot deny the fact that even a detractor like him believes in the potential of the cryptocurrency to perform well in the near future.

Despite the huge slump that was witnessed in the price of Bitcoin in the year 2018, the short term fundamentals of the cryptocurrency remain robust.

Gundlach’s comments hold a lot of importance because his predictions in the past have often come to be true. He was right when he had predicted a massive sell-off in the US stock markets last December.

After a positive rally by Bitcoin last month, we can only hope that Gundlach’s prediction comes true.