Billionaire ‘Bond King’ Jeffrey Gundlach predicted that bitcoin will reach $15,000 in 2020 in part due to a weakening dollar.
Gundlach, CEO and chief investment officer for the $140 billion investment firm DoubleLine Capital, said in a recent webcast that a weakening U.S. dollar would dictate the financial landscape in 2020 and beyond.
According to a report by Business Insider, Gundlach said,
It seems like it’s just about time for the dollar to weaken.
Gundlach outlined three reasons for the U.S. dollar depreciating, including foreigners divesting from the U.S., the Federal Reserve’s insistence on printing money and a blow-out budget deficit. He said all signs are pointing towards enticing buying opportunities for commodities. Per his words commodities, on a valuation basis, are seeing a “huge buy signal.”
Gundlach also gave the recommendation to investors that bitcoin’s value would benefit from the weakening dollar before predicting BTC’s price in 2020.
I think bitcoin's going to go higher in the near-term. I think it could go as high as $15,000 in 2020.
Featured Image Credit: Photo via Pixabay.com