Billionaire 'Bond King' Jeff Gundlach says bitcoin appears to be in 'bubble territory'

hit"bubble territory" once it passed $23,000, and he doesn't feel comfortable with the coin's current levels.

"I don't like bitcoin here, I don't like things that are up on a stilt like that," the DoubleLine Capital founder said of the coin that rallied nearly 300% in 2020.. While the coin has lost roughly $10,000 in value since hitting a record above $41,000 last week,it's still up nearly 89% over the past month. Gundlach suggested bitcoin's run-up has happened all too fast.

"People seem to be so much on one side of the boat that I just really don't really believe the boat can sail that well, and I think that's where bitcoin is on the bullish side right now," he said. The CIO of a $500 million crypto asset manager breaks down 5 ways of valuing bitcoin and deciding whether to own it after the digital asset breached $40,000 for the first time

The investor added that bitcoin has a"terrific supply and demand dynamic" if institutions get involved. The total number of bitcoins that can ever be mined is 21 million, which means that the supply stays scarce even if demand grows. He's insisted that he's not a"bitcoin hater" and told CNBC he went neutral on bitcoin after it hit $23,000., he said:"I'm not a bitcoin pro or con person. I'm not in the cult, and I'm not in the anti-bitcoin cult.

."I think that it's very tracked, traceable. I don't think it's anonymous." Gundlach later added that he was"not at all a bitcoin hater."

Wow. Deep insights.

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