After breaking the $ 20,000 mark, Bitcoin entered the bubble zone, said the head of the management company DoubleLine Capital Jeffrey Gundlach in a commentary to CNBC.
Last year, an investor called Bitcoin inflation insurance amid a weakening dollar. But after the rise in price of the cryptocurrency to about $ 23,000, according to him, “mania” began.
“Bitcoin is in a bubble right now. People are right, it has an amazing supply and demand dynamics, ”said Gundlakh.
Now the “king of bonds” does not like Bitcoin due to the high volatility. It is neutral to the first cryptocurrency after the $ 20,000 milestone.
“There are times when there are so many people on one side of the boat that I don’t believe the boat can sail well,” the investor explained.
Recall that on January 11, the bitcoin price fell below $ 31,000, and by the end of the day, the quotes returned to $ 33,000.
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