Bitcoin: Crypto space - 'rampant speculation, there is never one cockroach' Says Jeffrey Gundlach
Dec 13, '22
When asked about the crypto chaos, Gundlach pointed out that Bitcoin and other cryptocurrencies do well when there is a lot of government money around.
“[It is the] ultimate asset for speculation. The crypto market [is] highly dependent on government money. Bitcoin went up to $69,000, and now it is around $17,000 and dead in the water. Return for Bitcoin was nothing in the past five years," he said. "Crypto goes on faith and speculation. And when you have rampant speculation, you get fraud."
Gundlach warned that when there is a lot of fraud around, scammers tend to imitate each other. "When you have fraud, you get overnight bankruptcies. That's what happened with FTX. There is never one cockroach. Scammers get envious of other scammers and imitate their scams. You get these types of events in frothy, overvalued markets that are propped up by speculation."
He ended the discussion on crypto by stating that he never owned Bitcoin or any other cryptocurrency and never shorted any.
By Anna Golubova
For Kitco News |
