Gundlach says if you bet against bitcoin today 'you'll make money'
Published Wed, Dec 13 201712:55 PM EST Updated Wed, Dec 13 20171:33 PM EST
Tae Kim@firstadopter
"We're starting to see the big rock of silly season" on bitcoin, DoubleLine's Jeffrey Gundlach tells CNBC's Scott Wapner on "Halftime Report."
"This is the kind of nutty stuff. The fact we're talking about it 24/7," he said.
Jeffrey Gundlach's view on bitcoin
DoubleLine Capital CEO Jeffrey Gundlach is skeptical about all the bitcoin speculation.
"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."
He said he doesn't own bitcoin and doubted the legitimacy of cryptocurrencies. Gundlach also mentioned digital currencies may get hacked some day. "I have no interest in this type of maniacal type of trading market," he said.
Bitcoin is up more than 2,000 percent in the last year and now trades above $16,000. Bitcoin futures trading launched this week on the Cboe exchange, gaining more than 19 percent Monday in the first full day of trading.
DoubleLine has assets under management of more than $100 billion, according to its website.
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Jeffrey Gundlach