Billionaire Jeff Gundlach expects recession this year, advises against buying Bitcoin – markets and prices bitcoin news

[ad_1]

Doubleline Capital CEO Jeffrey Gundlach, also known as “Bond King”, warned of “a recession in the latter part of this year”. He also advised against buying bitcoin at the current level. “Maybe you should buy it for $ 25,000,” he said.

Billionaire ‘Bond King’ Jeff Gundlach on the recession, Bitcoin and the Fed’s interest rate hike

Billionaire fund manager Jeff Gundlach warned of a recession occurring at the end of this year in an interview with Yahoo Finance, published on Saturday. He also asked if investors should buy bitcoin.

Gundlach is the CEO of Doubleline Capital, which has more than $ 137 billion in assets under management (AUM). He is sometimes referred to as the “Bond King” after appearing on the cover of Barron’s in 2011 as “The New Bond King”. Institutional Investor named him “Fund Manager of the Year” in 2013 and Bloomberg Markets named him one of the “Fifty Most Influential” in 2012, 2015 and 2016. According to Forbes, his net worth is currently 2 , $ 2 billion.

He was asked if there would be a recession in 2023. “I think the bond market is already showing enough indicators of a recession that by 2023 it looks quite likely,” Gundlach replied.

“I don’t think a lot of Fed officials, economists, and investors like the fact that the economy continues to decline at lower and lower interest rates, so I think the Fed doesn’t just hike rates four times and you’re going to start seeing a plethora of recession signals, ”he warned, adding:

It is certainly a non-zero probability that you will have a recession at the end of 2022.

On Monday, JPMorgan CEO Jamie Dimon said the Federal Reserve may have to hike short-term interest rates more than four times this year. “Inflation may be worse than you think. Personally, I would be surprised if there were only four increases this year, ”said the boss of JPMorgan.

Earlier this month, a finance professor at the Wharton School at the University of Pennsylvania warned against inflation and predicted that the Fed would raise rates “a lot more times than the market expects.” .

Regarding bitcoin, Gundlach stressed that cryptocurrency is “for speculators”. Citing recent BTC price movements, he said:

For now, I recommend against bitcoin… Maybe you should buy it for $ 25,000.

Noting that he has never owned bitcoin, the CEO of Doubleline admitted, “It’s just not in my DNA.”

He clarified: “The obligations correspond to my culture of cowardice. I’m not a dynamic investor at all, and in fact I’m sort of an anti-momentum investor, and I think bitcoin is for dynamic investors only.

What do you think of Jeff Gundlach’s comments? Let us know in the comments section below.

Kevin helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com 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 allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.

More popular news in case you missed it

[ad_2]