Gundlach: "Bet Against Bitcoin and Make Money"

Jeffrey Gundlach, chief executive officer of Doubleline Capital LP sees Bitcoin as the "big rock of silly season".

Beyond Skeptical

Jeffrey Gundlach is beyond skeptical regarding bitcoin. He says Bet Against Bitcoin Today to Make Money.

We're starting to see the big rock of silly season" on the cryptocurrency, Gundlach told CNBC's Scott Wapner on CNBC's "Halftime Report." "This is the kind of nutty stuff. The fact we're talking about it 24/7."

The investor said there isn't much analysis behind bitcoin's rising price. "If you short bitcoin today, you'll make money," he said, conceding, "Can it go higher? Of course."

"I have no interest in this type of maniacal type of trading market," he said.

DoubleLine has assets under management of more than $100 billion, according to its website.

Shorting bubbles until they burst is risky business. We saw that in 1998-1999, and again in 2006-2007.

Is this the top? I have no idea.

Mike "Mish" Shedlock

Comments (26)
No. 1-25
CJones
CJones

Bitcoin will never be a proper currency. Consumers want recourse from their currency, bitcoin does not offer this. Forget your password? Your wealth is lost. Governments want control, will not surrender monopoly of the currency, and bitcoin does not offer this either.

CJones
CJones

To some extent bitcoin is a reflection of the ridiculous liberalism around us. Peak liberalism I might add. Want the freedom to identify as any gender you want? Want the freedom to use your own individual currency?

KidHorn
KidHorn

You never know when you're in a bubble, but if I had to guess, Bitcoin is a bubble of ridiculous proportions.

El_Tedo
El_Tedo

It sounds like a great way to go broke, while being right.

Liberaldisdain
Liberaldisdain

Bubble Bubble Toil and Trouble, I don't care my Litecoin doubled!