Posted 2 years ago | by @devadmin

Doubleline Capital’s CEO, also known as the billionaire “bond king” Jeffrey Gundlach, has prophesied that the stock market is going to “crack pretty hard.” While Bitcoin and gold he says will be good hedges against the coming collapse and inflation.

Billionaire fund manager Jeffrey Gundlach discussed Bitcoin on the Rosenberg Research webinar earlier this week. He also examined the outcome of the U.S. presidential election and provided advice on his investment strategies with economist David Rosenberg, Yahoo Finance reported.

Gundlach is seldomly referred to as the “bond king” after he was featured on the cover of Barron’s in 2011 calling him “The New Bond King.” Institutional Investor another magazine named him “Money Manager of the Year” in 2013 and Bloomberg Markets dubbed Gundlach one of “The Fifty Most Influential” people in the world for three years, 2012, 2015, and 2016.

Gundlach revealed that he is bearish on long-term bonds, including the 30-year Treasury. However, the funds manager stated he finds it necessary to own some. “I hate long bonds, but I still think you’re supposed to own some, and in a deflationary environment, you would want your portfolio to have that hedge,” Gundlach said.

Gundlach told Rosenberg, “Bitcoin and gold are good for the inflation case.”

Gundlach made it clear during the interview that he does not like Bitcoin and cryptocurrency. However, he emphasized that he is also “not at all a Bitcoin hater” and he thinks that both Gold and Bitcoin are good hedges against coming inflation.

Gundlach further predicted that the “U.S. will be the worst-performing stock market over the next five years,” a comment that was made during Schwab’s virtual Impact 2020 conference last week. The Bond king blames Central Bank Federal Reserve policies for the overvaluation of the U.S. equities market.

In another previous October interview, Gundlach predicted that stocks would crash within 18 months and that the dollar would tumble in the long run.

“Within 18 months, it’s going to crack pretty hard. I think that you want to be avoiding it for the time being. When the next big meltdown happens, I think the U.S. is going to be the worst-performing market, actually, and that’ll have a lot to do with the dollar weakening.”

Gundlach has also repeatably stated repeatedly prior to the U.S. presidential election, still ongoing, that he expected Donald Trump to win the seat in the White House. Thus far, polls have indicated that Trump’s Democrat rival Joe Biden is winning the election, although tallies are still being counted as of this report.

Bitcoin is currently trading at [FIAT: ] UP +0.3% according to Coingecko at the time of this report.