The Bond King named Jeffrey Gundlach who is the chief at DoubleLine Capital LP now says that Bitcoin “maybe the stimulus asset”. This is after he had claimed that Bitcoin is a lie back in October 2020.
“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,”.
This comes after the fact the Bitcoin carries on rallying while the prices of Gold drop by almost 68% vs BTC all within the space of 3 months. Gold had dropped by up to 68% vs Bitcoin in this timeframe and a total of up to 79% in a complete year.
Gundlach has previously made a name for himself in the investment industry as the former head of the USD 9.3bn TCW Total Return Bond Fund. In a recent interview Gundlach had said that he was “not at all a Bitcoin hater”. In the same interview he goes on to say the following: “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”. He’s right about one thing, Bitcoin is not fully anonymous as the users can be traced and the transactions can be seen on the public ledger.
Anthony ‘Pomp’ Pompliano of Morgan Creek Digital wrote the following in his newsletter today:
“The question that I keep asking myself is “how long will gold bugs hang on to their gold while they watch the digital store of value gain market adoption?” The short answer is that no one actually knows. Some people are likely to bail in the short term because of the US dollar price of bitcoin. Some people will take time to critically think about their world view and then change their mind. And a few people are more focused on being “proven right” than actually “being right,”
He also added, “Does it get the job done? Yes, in the most basic sense, but it is drastically inferior to the digital application of communication,”.
BTC now trades trades at around the GBP 37,051 mark and is currently up by 2% in a day and 8.38% in the week. It rallied by 52% in a month and 390% in a year at the time of writing.