Jeffrey Gundlach, a big investment banker some call The Bond King has said that Bitcoin may rise 25% in the near future. He made these comments during a recent interview with CNBC’s business TV.
The comments are interesting because Gundlach has been a vocal critic of cryptocurrencies and even called them “the poster child for social mood and market mood“. While his stance on cryptocurrencies is still not changed because of his tendency to trust the current monetary system with which he has helped manage over USD 200 billion in investment money, Gundlach still admitted that Bitcoin could go 25% up or reach USD 5,000 in the near future.
Gundlach said, “I don’t recommend anything with Bitcoin, really… but if you really want to speculate, I think it could make it to USD 5,000. Talk about an easy 25%.”
But at the same time, he also advised to “get the hell out of Bitcoin”. While only Gundlach may know the reason why he said all this, the statement itself is a proof that even though he doesn’t believe in the Bitcoin network, he still understands that its market potential is only expected to rise in the near future. Investors are more and more interested in Bitcoin and the short-term statistics are solid even with the massive price tank experienced in 2018 that saw more than 80% of Bitcoin’s value wiped from its peak position.
Some of Gundlach’s contemporary predictions have come true including one made in the past year involving US stock market’s massive sell-off in December. He was one of the first people to call it. Crypto traders may hope that his prediction regarding Bitcoin in the short term will also come true after an encouraging rally late last month.
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