DoubleLine Capital LP chief Jeffrey Gundlach, known as the Bond King, now says that bitcoin (BTC) "maybe The Stimulus Asset" after claiming last October that it is "a lie."
"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," he tweeted today.
Indeed, gold dropped by 68% vs BTC in the past 3 months and by 79% in a year. Meanwhile, USD dropped by 66% in the past 3 months and by 81% in a year.
#Gold, #Bitcoin, #Bonds Could Prevail When Equities Underperform: When the marketplace is rushing to one side of t… https://t.co/GD8ZrNTShb
— Mike McGlone (@mikemcglone11)
As reported, Gundlach made a name for himself in the investment community in his former role as the head of the USD 9.3bn TCW Total Return Bond Fund, and Forbes claimed in 2018 that he was worth a cool USD 2bn. In a recent video interview, Gundlach stated that he was “not at all a bitcoin hater.” However, in the same interview, he also dropped this pearl: "I don't believe in bitcoin. I think that it's a lie. I think that it’s very tracked and traceable. I don’t think it's anonymous.” Well, he's right about this - BTC is not really anonymous and its users can be traced. But let's see how the Taproot upgrade will change this.
At the time of writing (13:47 UTC), BTC trades at USD 51,780 and is up by 2% in a day and 16% in a week. It rallied by 42% in a month and 434% in a year.
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Learn more:
- Tech Overtakes Bitcoin in High-Risk Trade Ranking Again
- CFOs and Financial Advisors Have Different Concerns About Bitcoin
- Investors Still Prefer Stocks To Bitcoin, But BTC Wins Over Gold - Survey
