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
No. 1-25
Alex3191
Alex3191

Bitcoin is a fraud, a Ponzi scheme, everybody please short it NOW!

seabee
seabee

OMG I so love to hear people discuss something they have no idea what they're talking about. The blockchain is in its infancy, we are only beginning to see its capabilities, uses, and benefits. Crypto-currencies are a different subject - NO ONE has any idea if they will be around in 1-year or even 10. Are they money, maybe only time will tell. The masses are fed up with the politicians, central banks, and their governments. For most who never understood bonds, equities, and the precious medals cryptos are very easy to understand. Supply and demand - as knowledge and curiosity increase - demand goes up, no one is selling - hence the price has to go up to chase the available coins. YES, there is tons of fraud, with over 1,300 coins available most are probably a joke and will go to zero, but when? When will the bond bubble pop? When will the equity market pop? I have no idea - so I'm buying bonds, buying stocks, buying cryptos and paying close attention and learning as I go ahead. Using limits and stops I protecting my profits. Also with bonds and stocks, i'm buying hedges for when the explosion happens. I missed the profits from the Internet. They caught me unaware in 1999 and again in 2007. It will not happen again,

2ndGenRenewable
2ndGenRenewable

New digital infrastructure required to be built for crypto currencies may require energy consumption far more than all the energy cryptos will ever generate in real value. Cryptos needed to be introduced not before another 100 years when finite fossil fuels are already gone.

Roadrunner12
Roadrunner12

"Hey CJones. Sorry to upset you. I just get tired of people who claim to know what will happen in the future with 100% certainty." I know in the future with 100% certainty, a recession looms.

Realist
Realist

Hey CJones. Sorry to upset you. I just get tired of people who claim to know what will happen in the future with 100% certainty. And there seems to be a lot of them who comment on this blog. I try to be more modest in my predictions, "especially with regards to the future".