Billionaire Jeffrey Gundlach, founder of DoubleLine Capital, an investment firm, and a long-time gold bull, now sees bitcoin as a better asset.
Gundlach tweeted he’d been a long-term gold bull and U.S. dollar bear, but has turned neutral on both. Bitcoin may well be “Bitcoin maybe The Stimulus Asset. Doesn't look like gold is,” he said, a reference to the cryptocurrency’s rally amid a wave of cash pumped into the financial system during the pandemic.
Bitcoin, however, has captivated investors from billionaire Elon Musk to hedge fund moguls including Alan Howard and Paul Tudor Jones. Prices have quadrupled over the past year and shot through $52,000 this week. The digital token slipped 2% on Thursday to trade around $51,317
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