Billionaire “Bond King” Jeff Gundlach said bitcoin could fall 27% from current levels and warned the dollar could be “doomed” in a recent interview. Here are his 10 best quotes.

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Jeffrey Gundlach

Photo AP / Richard Drew

Billionaire investor and “Bond King” Jeff Gundlach said today’s inflation reminded him of the 1970s, warned the dollar could be doomed in the long run, and said the chart of the bitcoin looked “scary” in an interview with CNBC on Thursday.

Here are the 10 best quotes from the founder of DoubleLine Capital.

1. “The bitcoin chart looks pretty scary. I have a feeling you are going to be able to buy it again below 23,000. Bitcoin has really lost its strength.”

2. “I think it’s just a trading vehicle. I’ve never been bitcoin long personally. I’ve never been Bitcoin short. It’s just not for me. I haven’t. not that kind of risk tolerance in my DNA where I have to worry about pushing up the quote every day to see if it’s down 20%. But I wouldn’t own Bitcoin right now. I think you had the option to buy it at a cheaper level.

3. “I don’t mean to be too dramatic, but I think the dollar – I’ll use the word ‘doomed’ in the long run.” In the near term, the momentum has been and will continue to be in place for the dollar to be either slightly or moderately stronger. ”

4. “It is becoming difficult for the Fed to speak of this inflation situation as temporary or ‘transient’ as they like to say … import prices are now up 11%. We all know that the CPI went up to 5.4. I mean, those are numbers that remind me of the 1970s. “

5. “Inflation right now is not slowing down. She’s accelerating right now. And I will go with the trend is your friend until there is evidence to the contrary. ”

6. “As long as [the stimulus] continues, I think the stock market can stay at the nosebleed level as it has been and continue to climb somehow. ”

7. “The main argument for stocks is that they are cheap compared to bonds. They are always cheap compared to bonds because the yield on bonds is so ridiculously low.”

8. “I really don’t hear anyone talking about what they’re going to do with the planned cut in stimulus, but I expect that to start becoming a problem very soon,” Gundlach said. “The problem is, if the stimulus continues at the level it is, inflation isn’t going to go away. In fact, inflation could get worse. If they remove the stimulus, then inflation probably won’t get worse. , but the economy is extremely uncertain at this time. ”

9. “It’s all part of this speculative mania that has been fueled by repeated rounds of stimulus. The first rounds of stimulus allowed people to save a little or pay off their credit card debt. The latest round of stimulus has been all about speculation and spending. So if the stimulus continues, it’s going to get into speculation and spending, “on the memes actions and the PSPC frenzy.

10. “It’s strange when the CPI is hot, that the bond market doesn’t go down … it’s obviously because the bond market thinks there is a step forward in the game of chess: that the Fed may actually need to start doing something seriously. , cutting back on bond buying programs, and maybe even God forbid to start raising short-term interest rates. “

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