- Gold bull Jeffrey Gundlach says Bitcoin is the “Stimulus Asset”
- He also noted that he’s neutral on both dollar and gold for six months
Jeffrey Gundlach, the CEO of DoubleLine Capital and a popular gold supporter has commented on Bitcoin (BTC), saying that the digital asset may be a better choice than gold.
I am a long term dollar bear and gold bull but have been neutral on both for over six months. Lots of liquid poured into a funnel creates a torrent. Bitcoin maybe The Stimulus Asset. Doesn’t look like gold is.
— Jeffrey Gundlach (@TruthGundlach) February 18, 2021
Despite being an avid trader on both the dollar and gold, he thinks that there’s more potential in Bitcoin.
In the past, Gundlach called Bitcoin a bubble. “Bitcoin, to me, is now sort of in bubble territory in terms of the way it’s been acting,” he said in an article published on CNBC.
However, he might have recently had a change of heart because of the change in market conditions.
Recently, a lot of institutional money got poured into Bitcoin. It’s not a secret that Tesla bought $1.5 billion dollars worth of Bitcoin, while another big company Microstrategy bought $600 million worth of BTC.
With the recent changes, lots of companies are having a change of heart in their opinion of cryptocurrencies.