Billionaire Jeff Gundlach predicts recession this year, advises against buying Bitcoin – Markets and Prices Bitcoin News
Doubleline Capital CEO Jeffrey Gundlach, also known as the “bond king,” has warned of a “recession in the second half of the year.” He also advised against buying Bitcoin at current levels. “Maybe you should have bought it for $25,000,” he said.
Billionaire ‘Bond King’ Jeff Gundlach on Recession, Bitcoin and Fed Rate Hikes
Billionaire fund manager Jeff Gundlach warned of a recession in the second half of the year in an interview with Yahoo Finance published Saturday. He also commented on whether investors should buy Bitcoin.
Gundlach is the CEO of Doubleline Capital, which has over $137 billion in assets under management (AUM). He is sometimes referred to as “Bond King” after appearing on the cover of Barron’s in 2011 as “The New Bond King.” Institutional investors named him “Fund Manager of the Year” in 2013, and Bloomberg Markets named him one of the “50 Most Influential People” in 2012, 2015 and 2016. His net worth is currently $2.2 billion, according to Forbes.
He was asked if there will be a recession in 2023. “I think the bond market has shown enough recession indicators that 2023 seems likely,” Gundlach replied.
“I don’t think a lot of Fed officials, economists and investors appreciate the fact that the economy is continuing to decline with lower and lower interest rates, so I think the Fed only needs to raise rates four times and you’re going to start seeing too much recession signal,” he warned, adding:
The probability of a recession in the second half of 2022 is certainly not zero.
On Monday, JPMorgan Chase CEO Jamie Dimon said the Fed may have to raise short-term interest rates more than four times this year. “Inflation may be worse than people think. I would be personally surprised if it only increased four times this year,” the JPMorgan boss said.
Earlier this month, a finance professor at the Wharton School of the University of Pennsylvania warn And predicted that the Fed will raise interest rates “much more than the market expected.”
Regarding Bitcoin, Gundlach emphasized that cryptocurrencies are “speculators.”Cited recently bitcoin Price movements, he believes:
For now, I’d advise against using Bitcoin…maybe you should buy it at $25,000.
Noting that he never owned any bitcoin, the Doubleline CEO admitted, “It’s not in my DNA.”
He elaborated: “Bonds fit my cowardly culture. I’m not a momentum investor at all, in fact I’m a reactionary investor, and I think Bitcoin is only for momentum investors.”
What do you think of Jeff Gundlach’s comment? Let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused or related to the use of or reliance on any content, goods or services mentioned herein.