Gundlach, the ‘Bond King’, says Bitcoin is the best investment

Jeffrey Gundlach, the head of DoubleLine Capital, has altered his view of the first cryptocurrency and cooled on gold and the U.S. dollar.

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

“As a long-term dollar bear and gold bull, I have been neutral on both assets for more than six months,” Gundlach wrote.

He said that liquidity injections into the market through stimulus programs create investment streams. Bitcoin, not gold, could become the ‘stimulus asset,’ the executive said.

In November 2020, Gundlach called Bitcoin an inflation hedge, but refused to believe in its success and anonymity.

In January 2021, the executive said that Bitcoin had moved into bubble territory due to its high volatility.

Earlier, Microsoft co-founder and one of the world’s wealthiest people, Bill Gates, said he has a neutral stance toward the first cryptocurrency. He added that he does not own the asset and does not short it.

The founder and CEO of Tesla, Elon Musk, named investments in Bitcoin worth $1.5 billion «quite risky». The billionaire hinted that it was not his decision.

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