Gold attorney Jeffrey Gundlach throws behind Bitcoin, calling it a better investment

Gold attorney Jeffrey Gundlach throws behind Bitcoin, calling it a better investment

The famous gold bug Jeffrey Gundlach has traced his previous comments too. According to him, Bitcoin seems like a better investment than the yellow metal.

Earlier this year, Gundlach called Bitcoin a “bubble” during a CNBC interview. He warned investors to avoid buying while claiming he was in the bubble area. In less than two months of the year, the DoubleLine Capital CEO is now putting his weight behind the digital asset.

In a tweet yesterday morning, Gundlach confirmed that Bitcoin could be “the stimulus asset”. On the other hand, he doesn’t think gold has a chance.

I am a long-term dollar bear and gold bull, but neutral in both areas for over six months. Much liquid poured into a funnel creates a current. Bitcoin Perhaps The Stimulus Asset. Doesn’t look like gold.

– Jeffrey Gundlach (@TruthGundlach) February 18, 2021

The so-called Bond King’s decision to endorse Bitcoin may not be related to the number of institutional players that have gathered to amass the digital fortune. On February 8, Tesla (NASDAQ 🙂 announced a $ 1.5 billion purchase of Bitcoin. In addition, the world’s largest wealth manager, BlackRock (NYSE :), announced that it got into Bitcoin two days ago.

The world’s largest cryptocurrency has recently welcomed a lot of cash inflows from institutions. Most of these institutional investors are exposing their portfolios to Bitcoin to hedge against inflation.

Read on about BTC peers

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