Bitcoin (BTC) is the recommended inflation hedge for fiat currency alongside gold, says one of its now famous critics.
Speaking on November 2 on a Rosenberg Research webcast series, DoubleLine CEO Jeffrey Gondlach rarely praised Bitcoin.
Gundlach advises bitcoin and gold to protect fiat currencies
Gundlach, unofficially known as the “King of Bond”, is no stranger to the Bitcoin discussion, but has previously made it clear that he doesn’t want to invest.
In an interview with Business Insider last month, the billionaire called Bitcoin a “lie,” based on previous claims that he did not consider it “irreparable.”
“I don’t believe in bitcoin. I think this is a lie. I think it is well tracked and tracked. I don’t think it is anonymous, ”he told the newspaper.
However, Gundlach insisted he was “not against Bitcoin at all,” a comment that seemed to solidify him this week.
He told listeners that they must have something to protect against inflation and mentioned gold and Bitcoin as good prospects.
This view represents the closest to Gundlach’s hands-off stance and a call for investors to buy bitcoin.
Meanwhile, gold will rise significantly over time, he continued, as do other precious metals proponents who currently expect significant gains after the United States. President elections.
Perception versus recoil
This data shows the rate of return of Bitcoin on gold and other general assets. In general, the deviation from the Analytics resource in the chain, the numbers so far are 88% as of November 3, gold – 24%, and the S&P 500 index – just over 2%.
Given the strengthening lockdown of the coronavirus and the associated decline in economic activity, Bitcoin is likely to continue its rapid growth in the near to medium term.
As Cointelegraph reports, some are expecting new highs over the next three months, while statistician Willie Wu said the cryptocurrency is already deviating from its path towards other aggregate assets, including gold.