Fun

Gold Bull Jeffrey Gundlach Says ‘BTC Maybe the Stimulus Asset’ Ahead of the Precious Metal

News Feed - 2021-02-22 03:02:08

Gold Bull Jeffrey Gundlach Says "BTC Maybe the Stimulus Asset" Ahead of the Precious Metal


Renowned gold bull and CEO of investment management firm Doubleline, Jeffrey Gundlach says bitcoin may be the “stimulus asset” while adding it “doesn’t look like gold is.” Gundlach, a self-professed long-term dollar bear, had preceded his comments about bitcoin by remarking that “lots of liquid poured into a funnel creates a torrent.” BTC Outperforming Gold


In the same tweet, Gundlach suggests that he came to the conclusion after staying “neutral (on both gold and the dollar) for the past six months.” In the past six months, the two stores of value have had contrasting fortunes with BTC appearing to win the battle for supremacy.



After starting September 2020 trading at just under $12,000, BTC has since rallied to peak at $57,399 on February 20, 2021, according to Messari. At the time of writing, the crypto asset was trading above $57,000. In contrast, gold, which reached its all-time record high of $2,067.15 per ounce on August 7, 2020, has largely stayed under $1,900 for the rest of the year.



Also, despite the many predictions of gold breaking out, the commodity has so far failed to match the expectations. On the other hand, BTC could be on course to beat the $100,000 mark after breaking past $50,000. Corporations Choosing BTC Ahead of Gold


In the meantime, Gundlach’s comments about BTC have coincided with the shifting store of value preferences by large corporations. For instance, in its recent filing with U.S. Securities and Exchange Commission (SEC), Tesla only revealed its $1.5 billion BTC acquisition. While the electric carmaker’s updated investment policy authorizes the company to also take positions on gold bullion or gold ETFs, the company so far only focused on BTC.



Meanwhile, Gundlach’s views on BTC are now at odds with the crypto asset’s prominent opponent Peter Schiff. The gold bug, who has previously praised Gundlach, has already attacked Tesla for choosing BTC ahead of gold. Similarly, other supporters of gold on Twitter expressed their disappointment with Gundlach’s apparent pivot to the crypto asset. One user named Pet Rock said: Why Bitcoin and not any of the thousands of other coins that do the exact same thing? Why Bitcoin instead of a future Amazon coin or Google coin? I am amazed at such smart people being tempted by something that is wishful thinking.


Another user, Dumbmoney tweeted:


“Bitcoin’s volatility precludes it from being a store of value. It is also correlated with bubble stocks. It is speculative mania. It will pop. Gold is simply tracking the inverse of real yields. If inflation picks up and YCC happens, gold will soar. Pain until then.”


Still, some users like Harry expressed support Gundlach saying:


“Bitcoin is gold 2.0. Clearly, the market is telling you that. In the past, it would’ve been gold and the miners taking off. No more. It’s the digital age.”


What are your thoughts on Gundlach’s tweet? You can share your views in the comments section below. IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies ECONOMICS | 2 days ago As Millions Drown in Today’s Poverty Trap, Macro Strategist Raoul Pal Says "Bitcoin Is a Life Raft" ECONOMICS | 3 days ago Tags in this story bitcoin store of value, BTC, gold bull, Jeffery Gundlach, peter schiff bitcoin, stimulus asset, tesla bitcoin buy, The US Securities and Exchange Commission, US dollar bear


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Show comments

News Feed

Assetera launches secondary tokenized RWA market on Polygon
Derek Andersen11 hours agoAssetera launches secondary tokenized RWA market on PolygonAssetera will provide Europe"s first regulated secondary tokenized real-world asset marketplace.1262 Total views1 Total sharesListen to
Yellen Says US ‘Not Willing to Allow Contagious Bank Runs,’ Calls OPEC Oil Production Cut ‘Unconstructive’
Yellen Says US ‘Not Willing to Allow Contagious Bank Runs,’ Calls OPEC Oil Production Cut "Unconstructive" Roughly 26 days ago and in the following days, the U.S. witnessed two
Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade
Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade According to a recent update on Monero’s Github repository, the privacy-ce
New Crypto to Follow Bitcoin as 21Capital Establishes $3.9B $BTC Treasury, Swiss Central Bank Weighs $BTC National Reserve
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
El Salvador’s Tourism Rises 30% After Bitcoin Became Legal Tender
El Salvador"s Tourism Rises 30% After Bitcoin Became Legal Tender El Salvador’s tourism has grown more than 30% after adopting bitcoin as legal tender, according to the coun
Sasha Shilina23 minutes agoWhat is OpenSea and how to use it?This guide delves into the significance of the OpenSea decentralized marketplace, its pros and cons, and its role in the NFT revolution.35 Total viewsListen to
NFT ‘ETH in Mellieha’ Set to Go on Auction for Legal Rights to Number Plate
NFT ‘ETH in Mellieha’ Set to Go on Auction for Legal Rights to Number Plate sponsored ETH in Mellieha is the latest in a long line of NFT experiments that aim to challenge tradi
T-Rex files for ‘ghost pepper’ 2X leveraged MicroStrategy ETF
Tom Mitchelhill3 hours agoT-Rex files for ‘ghost pepper’ 2X leveraged MicroStrategy ETFFinancial services firm T-Rex Group has applied for what could be the “most volatile ETF” ever seen in the United States.465
For the 1st Time, All ERC20 Tokens Can Be Lent and Borrowed With UniLend’s Upcoming Version 2
For the 1st Time, All ERC20 Tokens Can Be Lent and Borrowed With UniLend"s Upcoming Version 2 press release PRESS RELEASE. UniLend Finance published their protocol update blog intro
William Suberg14 hours agoBitcoin traders say ‘get ready’ as BTC price preps 2023 bull marketBTC price action is giving two traders no doubt about the Bitcoin bull market due to begin this year.7587 Total views90 Tot
Solana Drops Below $100 For First Time In A Year — Is An 80% Correction Underway?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Georgian Government Embraces Blockchain to Promote Its Wines Globally
Georgian Government Embraces Blockchain to Promote Its Wines Globally As Georgia seeks to bring its millennia-old wine industry into the 21st century, it is coll