Bitcoin is a recommended hedge against fiat currency inflation along with gold, one of its well-known critics now says.
In an appearance on Rosenberg Research's webcast series on Nov. 2, Jeffrey Gundlach, CEO of investment management firm DoubleLine, produced rare praise for Bitcoin.
Gundlach, informally known as the "Bond King," is no stranger to discussing Bitcoin, but had previously made it clear that he would not invest.
In an interview with Business Insider last month, the billionaire called Bitcoin a "Lie," building on previous claims that he did not believe it was "Unhackable."
"I don't believe in bitcoin. I think that it's a lie. I think that it's very tracked, traceable. I don't think it's anonymous," he told the publication.
Gundlach insisted that he was "Not at all a Bitcoin hater," comments which he appeared to strengthen this week.
Telling listeners that they should own something to hedge against inflation, he mentioned gold and Bitcoin as good possibilities.
That perspective marks arguably the closest that Gundlach has come to reversing his hands-off stance and advocating that investors actually buy Bitcoin.
Data shows the extent of Bitcoin's returns versus gold and other macro assets.
Collated by on-chain analytics resource Skew, year-to-date figures were 88% as of Nov. 3, with gold on 24% and the S&P 500 just over 2%. Against a backdrop of intensifying coronavirus lockdowns and associated reduced economic activity, Bitcoin is tipped to continue its rapid gains in the near to mid-term.
'Bond King' who called Bitcoin a lie now says BTC is a hedge against inflation
Publicado en Nov 3, 2020
by Cointele | Publicado en Coinage
Coinage
Mencionado en este artÃculo
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.