Gold advocate Jeffrey Gundlach backs Bitcoin as a better investment by BTC Peers

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Gold advocate Jeffrey Gundlach backs Bitcoin as a better investment

The famous gold bug Jeffrey Gundlach has backtracked on his previous comments on. According to him, Bitcoin seems to be 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 it and claimed it was in bubble territory. However, less than two months into the year and the CEO of DoubleLine Capital is now putting his weight behind the digital asset. In a tweet yesterday morning, Gundlach claimed that Bitcoin may be “the stimulus asset.” On the other hand, he doesn’t think gold stands a chance. I’m a long-term dollar bear and a gold bull, but have been neutral on both for over six months. Too much liquid poured into a funnel creates a torrent. Bitcoin may be the asset of the stimulus. It doesn’t seem like gold is. Jeffrey Gundlach (@TruthGundlach) February 18, 2021 The decision of the so-called Bond King to back Bitcoin cannot be disconnected from the number of institutional players who have been flocking to amass the digital asset. On February 8, Tesla (NASDAQ 🙂 announced a purchase of Bitcoin for $ 1.5 billion. Additionally, the world’s largest asset manager BlackRock (NYSE 🙂 revealed that it dabbled in Bitcoin two days ago. The world’s largest cryptocurrency has received a large number of cash inflows from institutions in recent times. Most of these institutional investors are exposing their portfolio to Bitcoin as a means to hedge against inflation. Continue reading on BTC Peers

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