Bond King Predicts Bitcoin Price to Hit $15,000 in 2020
- Jeffrey Gundlach of DoubleLine Capital says “it’s about time for the dollar to weaken”
- Money printing, budget deficit, & foreigners divesting from the US to weaken the dollar
- He predicted Bitcoin’s peak in January 2018, doesn’t own any BTC because it’s “very different from my conservative DNA.”
After making a spot-on forecast of Bitcoin price in 2019, Jeffrey Gundlach, the Chief executive officer, and chief investment officer of DoubleLine Capital, a $140 billion investment firm has a higher target for BTC.
The Bond King sees BTC going to $15,000 this year.
“I think bitcoin's going to go higher in the near term,” he said. “I think it could go as high as $15,000 in 2020.”
Apart from Bitcoin, Gundlach is expecting commodity prices to rise as “It seems like it's just about time for the dollar to weaken.”
The US dollar will depreciate for three main reasons, a blown-out budget deficit, the US Federal Reserve’s insistence upon printing money, and foreigners starting to divesting from the US.
BTC is the poster child for social mood and market mood
Early in 2019, Gundlach who has characterized Bitcoin as “the poster child for social mood and market mood,” said it could gain as much as 25%.
At that time when BTC was trading around $4,000, he said, “I think it could make it to $5,000. Talk about an easy 25 percent.”
The flagship cryptocurrency to him is a “hugely speculative” asset and he advised to “get the heck out of bitcoin.”
Back in 2018, he said the highly volatile crypto asset is proving to be the new stock market indicator.
“Bitcoin keeps leading,” Gundlach told Reuters in an interview in April, two years back. The reason the digital currency carries so much predictive power is “because it was the poster child of the speculative mood late last year.”
In his January 2018 investor webcast, Gundlach said he believed Bitcoin price had hit its peak.
As for if he owns any BTC, he had said, “I do not own bitcoin. This type of investment is very, very different from my conservative DNA.”