“Bitcoin may be a better investment than gold”: Jeffrey Gundlach, CEO of DoubleLine

Gundlach- CEO of DoubleLine Capital, an investment firm with more than $130 billions  in assets  under management – says now that bitcoin could be a better bet than gold.

Gundlach, who has previously said: “I do not believe in Bitcoin”, tweeted on Thursday that “Bitcoin could be a stimulus asset. It does not look like gold is”

Gundlach’s change of stance comes on the heels of bitcoin’s dizzying rise from  $10,000 dollars to $52,000  observed over the past 4.5 months.

The cryptocurrency has charted a 10 fold rally in the past 11 months, offering a significantly higher return than Gold amid the massive inflation boosting  monetary and fiscal stimulus delivered by  authorities around the world to counter the economic slowdown caused by coronavirus. The precious metal reached a record high of $2,075 in August.

In December, JPMorgan analysts said that bitcoin’s rising popularity could have a bearing on the price of gold.

While the cryptographic community expects more companies to follow Tesla’s decision to purchase bitcoin, Wedbush Securities and Jp Morgan believe widespread adoption will remain elusive for some  time.