Gundlach on bitcoin “mania”
Jeffrey Gundlach predicted bitcoin’s (BTC) crash after the cryptocurrency’s peak in December 2017. He compared bitcoin’s (XBT) movement to the dot-com bubble. Although Gundlach believes bitcoin could easily rise 25% and return to $5,000 this year, he still doesn’t recommend making any moves on the cryptocurrency.
Gundlach on cannabis “mania”
Gundlach also believes that cannabis could be another “mania.” In his Yahoo Finance interview, he said, “I don’t understand why, just because it used to be illegal, that somehow it’s got this special magic to it. But it’s interesting. The cannabis thing does seem kind of like a mania. I mean, people probably make a lot of money in some parts of it. But that’s just not for me. I’ve no interest in mania stuff. I just watch amusedly from the sidelines.”
The cannabis industry’s explosion
The cannabis market (MJ) has exploded, with Tilray (TLRY) stock rising ~300% last year. The cannabis industry will likely continue to move beyond early-stage products such as dried cannabis flower to more value-added products with a variety of uses and consumption formats. Companies (HMMJ) such as Canopy Growth (WEED) (CGC), Cronos Group (CRON), OrganiGram (OGRMF), and CannTrust (CNTTF) may move to extracts, gels, oils, and other products. Aphria (APHA) board chairman Irwin D. Simon thinks the US cannabis market could hit $50 billion if all states legalize cannabis.