Bitcoin (BTC), along with gold, is a recommended hedge against the inflation of fiat moneynow says one of his well-known critics.
In an appearance in the Rosenberg Research webcast series on November 2nd Jeffrey Gundlach, CEO of the investment management company DoubleLine, rarely praised Bitcoin.
Gundlach recommends using Bitcoin and Gold as protection against fiat
Gundlach, known informally as the “King of Bonds”, He’s no stranger to talking about Bitcoin, but had previously made it clear that he wouldn’t invest.
In an interview with Business Insider last month, the The billionaire called Bitcoin a “lie” based on previous claims that he did not believe it was “not hackable”..
“I don’t believe in Bitcoin. I think it’s a lie. I think it’s very understandable. I don’t think it’s anonymous.”he told the publication.
But still, Gundlach insisted that he “doesn’t hate Bitcoin at all”, a comment that seemed to reinforce this week.
He told the audience that they should have something to protect themselves from inflation and mentioned gold and bitcoin as good options..
This perspective marks the next step Gundlach took to reverse his hands-off stance. and advocate that investors buy bitcoin.
Gold, for its part, will increase dramatically over timehe continued, in line with other proponents of the precious metal that are currently forecasting big profits after the US presidential election.
Perceptions vs. returns
The data shows the magnitude of Bitcoin returns versus gold and other macro-assets. Compiled by the online analysis resource Skew, the numbers for the current year as of November 3 were 88%, gold 24% and the SP 500 a little more than 2%.
In connection with the worsening coronavirus pandemic and the decrease in economic activity associated with it Bitcoin is inclined to continue its rapid gains in the short and medium term.
As Cointelegraph reported, Some expect new highs to be reached in the next three months, while statistician Willy Woo has argued that The cryptocurrency is already deviating from the path of other macro assets, including gold.