Billionaire 'Bond King' Jeff Gundlach says bitcoin appears to be in 'bubble territory'
Emily GraffeoJan 12, 2021, 02:47 IST
FILE PHOTO: Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital, speaks at the Sohn Investment Conference in New YorkReuters
on Monday
bitcoin 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. He added that he's "neutral" on bitcoin.
Bitcoin fell as much as 13% on Monday to $30,558.
It's lost over $10,000 in value since hitting a record above $41,000 last week, but the coin is still up nearly 89% in the last month.