Bitcoin (BTC) is a recommended safeguard against fiat currency inflation along with gold, said one of today’s prominent critics.
During an appearance on Rosenberg Research’s webcast series on November 2, Jeffrey Gundlach, CEO of investment management firm DoubleLine, offered rare praise for Bitcoin.
Gundlach advises Bitcoin and gold to protect fiat currency
Gundlach, known as the “King of Bonds”;, is not uncommon to discuss Bitcoin, but has made it clear that he will not invest.
In an interview with Business Insider last month, the billionaire called Bitcoin a “lie,” based on previous claims that he did not believe it was “not deceiving”.
“I don’t believe in bitcoin. I think that’s a lie. I think it’s very trackable, trackable. I don’t think it’s anonymous, ”he told the publication.
However, Gundlach asserts that he is “totally not a Bitcoin hater” – a comment he seems to consolidate this week.
Telling the listener they should own something to prevent inflation, he mentioned gold and Bitcoin as good possibilities.
That view marks the last moment when Gundlach has reversed his helpless stance and advocated that investors actually bought Bitcoin.
Meanwhile, gold is expected to see a marked increase in price over time, he continued, along with other precious metal proponents who are now forecasting massive gains behind the United States. presidential election.
Perception versus profit
The data shows Bitcoin’s profitability relative to gold and other macro assets. Compiled by online analyst Skew, the figure as of today was 88% as of November 3, with gold at 24% and the S&P 500 at just over 2%.
In the context of coronavirus key strengthening and associated reduced economic activity, Bitcoin is expected to continue to increase rapidly in the near to medium term.
As Cointelegraph reported, some predictions of new all-time highs will emerge within the next three months, while statistician Willy Woo argues that cryptocurrencies have ripped off the path of macro assets. other, including gold.