Billion-Dollar Investment Firm Believes the Stock Markets Mood Is Currently Being Driven by Bitcoin

Posted by moku 2019 years ago in News
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Want to know where stocks are going next? Jeffrey Gundlach says take a look at bitcoin.

"Strangely, bitcoin seems to be the poster child for social mood and market mood," Gundlach, founder of DoubleLine Capital, told CNBC's "Halftime Report" on Friday. "We had a vertical rise from Sept. 7 which was led and epitomized by bitcoin. Bitcoin started at about $4,500 and went up to about $20,000 or so."

"Bitcoin peaked out in mid-December and it crashed. That sort of presaged the volatility in the stock market," he said, noting the cryptocurrency has stabilized recently. "If stocks are going to take another tumble, I think it would be preceded by a bitcoin decline."

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