Self-proclaimed gold bull Jeffrey Gundlach, the founder of DoubleLine Capital, previously claimed that he does not believe in Bitcoin. He appears to have changed his mind about the asset. Jeffrey Gundlach has confirmed that Bitcoin may be the best stimulus asset in his latest tweet, notwithstanding being a self-proclaimed gold bull. Bitcoin has achieved significant mainstream investors like Tesla and Mastercard, which currently drove its price to new highs. Other than investments, the asset has drawn various business tycoons to contemplate as well. Lately, even philanthropist Bill Gates shared his views on Bitcoin after it surged past $52,000.
Earlier, Gundlach had speculated that Bitcoin seemed like it was a bubble looking to burst. The DoubleLine CEO stated that he favored physical investment above Bitcoin. Also, continuing that he did not believe in the U.S. dollar either. Recently taking to his Twitter account, Jeffrey doubted the United States dollar’s potential, implying that Bitcoin was a better bet. Gundlach warned that he was extremely pessimistic about the U.S. dollar owing to a burgeoning budget deficit and rising inflation.
Prominent Gold Bulls oppose Bitcoin
Moreover, MicroStrategy CEO Michael Saylor forecasted that investors are more inclined to opt for Bitcoin over gold in the future. Therefore, only central banks would require to hold gold. Gundlach’s position has caused some feedback on Twitter, with some investors doubting his view and calling Bitcoin a bubble. Whether Bitcoin or gold is the most reliable asset may be a never-ending discussion. Furthermore, the tale may be quickly shifting as more investors have come to identify the potential of Bitcoin.
However, amongst the most vocal gold bulls of today, Peter Schiff appears to be a figure among those still not convinced about Bitcoin and its innovation. Schiff seems to have a negative attitude towards Bitcoin, stating that artificial inflation in the cryptocurrency’s price and Bitcoin is the giant bubble in modern financial history. Conclusively, the market currently supports Bitcoin more than gold, whose price has deteriorated in the past six months.
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