“Bond King” Jeffrey Gundlach had a change of heart on bitcoin.
Gundlach, DoubleLine Capital’s CEO, an investment firm with assets under management of more than $130 billion, now says bitcoin could be a better bet than gold.
Gundlach, who said previously, “I don’t believe in bitcoin,” tweeted Thursday, “bitcoin may be the stimulus asset. It doesn’t look like gold is.”
The change in stance of Gundlach comes on the heels of the dizzying rise of bitcoin from $10,000 to $52,000 seen in the past 4.5-months.
According to Coindesk.com, over the last six months, Gundlach noted that he had become neutral on gold, though formerly a “gold bull.” He recently claimed bitcoin was in “bubble territory” when in early January it soared above $23,000.
Bitcoin has continued to grow, helped by publicly listed companies such as Tesla, a Fortune 500 company, and MicroStrategy, which over the past few months have adopted bitcoin as a reserve asset.