Bitcoin (BTC) is a recommended hedge against fiat currency inflation along with gold, one of its well-known critics now says.<\/p>\n
In an appearance on Rosenberg Researchs webcast series on Nov. 2, Jeffrey Gundlach, CEO of investment management firm DoubleLine, produced rare praise for Bitcoin.<\/p>\n
Gundlach, informally known as the Bond King, is no stranger to discussing Bitcoin, but had previously made it clear that he would not invest. <\/p>\n
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.<\/p>\n
I dont believe in bitcoin. I think that its a lie. I think that its very tracked, traceable. I dont think its anonymous, he told the publication. <\/p>\n
Nonetheless, Gundlach insisted that he was not at all a Bitcoin hater a comment which he appeared to strengthen this week.<\/p>\n
Telling listeners that they should own something to hedge against inflation, he mentioned gold and Bitcoin as good possibilities.<\/p>\n
That perspective marks the closest that Gundlach has come to reversing his hands-off stance and advocating that investors actually buy Bitcoin. <\/p>\n
Gold, meanwhile, is set to increase markedly over time, he continued, in line with other proponents of the precious metal currently forecasting major gains after the United StatesS. presidential election.<\/p>\n
Data shows the extent of Bitcoins 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%.<\/p>\n
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. <\/p>\n
As Cointelegraph reported, some expect new all-time highs to appear within the next three months, while statistician Willy Woo has argued that the cryptocurrency is already diverging from the path of other macro assets, including gold. <\/p>\n
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