Billionaire Jeffrey Gundlach: Bitcoin Can Be Purchased At Low Prices

Bitcoin is said to be going down and it's a good time to buy BTC (CoinGape)

JAKARTA – In the midst of falling Bitcoin prices in recent days, billionaire Jeffrey Gundlach and founder of investment firm DoubleLine Capital warned Bitcoin investors.

When interviewed by Yahoo Finance, Gundlach stated that while he was bullish on Bitcoin in the past, he is currently cautious and believes BTC is only for speculators. Gundlach argues that Bitcoin can be bought cheaply.

“I was very positive on Bitcoin a year ago. It was about, I think, as low as $4,000 or something... I think I'm bullish because I think it's going up 4x, and obviously, it's going up more than that, up 16x or something like that at its peak," he said.

He also judged that BTC was already at its peak and managed to carve a new all-time high for ATH in November, but could not hold on. Gundlach thought that was not a good sign. The billionaire suggested buying Bitcoin at a price of 25,000 US dollars.

“I think Bitcoin is for speculators at this point. I would advise against Bitcoin. I think you might get a chance to buy it – I think it's now around $45,000, so about $20,000 off the top. Maybe you should buy it for $25,000."

When asked about the explosion of NFT digital art, Gundlach said he was impressed by the rapid growth of the NFT market, but admitted that this was not the space for him.

“A lot of people get [Bitcoin] for $1,000. And it took a while to get 60,000 US dollars. NFT has gone from worthless to what? 69 million US dollars? 96 million US dollars? It went from 'I don't know what NFT is' to 'worth 70 million US dollars.' And it's certainly not for me. That's for momentum investors on large doses of steroids," Gundlach said as quoted by DailyHodl.