Billionaire Jeff Gundlach Expects Recession This Year, Advises Against Buying Bitcoin – Markets and Prices Bitcoin News

Doubleline Capital CEO Jeffrey Gundlach, aka “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 Talks Recession, Bitcoin, and the Federal Reserve Raising Interest Rates

Billionaire fund manager Jeff Gundlach warned of a recession in the latter part of this year in an interview with Yahoo Finance, published on Saturday. He also commented on whether 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 he appeared on the cover of Barron’s Magazine in 2011 as “The New Bond King”. He was named the “Institutional Investor” as the “Money Manager of the Year” in 2013, and Bloomberg Markets named him among the “50 Most Influential People” 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. Gundlach replied, “I think the bond market is already showing enough of a recession indicator that it seems very likely by 2023.”

“I don’t think a lot of Fed officials, economists, and investors appreciate the fact that the economy keeps going downhill at low and low interest rates, so I think the Fed should just raise rates four times and you’re going to start seeing a lot of signs of recession.” , he warned, adding:

It’s definitely a non-zero probability that you’ll get a recession in the later part of 2022.

On Monday, JPMorgan CEO Jamie Dimon said the Federal Reserve may have to raise short-term interest rates more than four times this year. Inflation could be worse than people think. “Personally, I would be surprised if it was only four increases this year,” the JPMorgan president said.

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

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

For now, I would advise against using bitcoin… you should probably buy it at $25,000.

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

He explained, “Links fit my culture into cheese. I’m not a momentum investor at all, in fact I’m kind of an anti-momentum investor, and I think bitcoin is just for momentum investors.”

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

Kevin Helms

Kevin, an Austrian economics student, found bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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