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.