Home NewsBitcoin News

Follow us on Twitter or join our Telegram

The Bond King Goes From 'Bitcoin Is A Lie' To BTC 'Maybe The Stimulus Asset'

By Linas Kmieliauskas
The Bond King Goes From 'Bitcoin Is A Lie' To BTC 'Maybe The Stimulus Asset' 101
Jeffrey Gundlach. Source: A video screenshot, Youtube/Real Vision Finance

DoubleLine Capital LP chief Jeffrey Gundlach, known as the Bond King, now says that bitcoin (BTC) "maybe The Stimulus Asset" after claiming last October that it is "a lie." (Updated at 15:01 UTC with a comment from Anthony Pompliano and a video.)

"I am a long term dollar bear and gold bull but have been neutral on both for over six months. Lots of liquid poured into a funnel creates a torrent. Bitcoin maybe The Stimulus Asset. Doesn’t look like gold is," he tweeted today.

Indeed, gold dropped by 68% vs BTC in the past 3 months and by 79% in a year. Meanwhile, USD dropped by 66% in the past 3 months and by 81% in a year.

As reported, Gundlach made a name for himself in the investment community in his former role as the head of the USD 9.3bn TCW Total Return Bond Fund, and Forbes claimed in 2018 that he was worth a cool USD 2bn. In a recent video interview, Gundlach stated that he was “not at all a bitcoin hater.” However, in the same interview, he also dropped this pearl: "I don't believe in bitcoin. I think that it's a lie. I think that it’s very tracked and traceable. I don’t think it's anonymous.” Well, he's right about this - BTC is not really anonymous and its users can be traced. But let's see how the Taproot upgrade will change this.

"The question that I keep asking myself is "how long will gold bugs hang on to their gold while they watch the digital store of value gain market adoption?" The short answer is that no one actually knows. Some people are likely to bail in the short term because of the US dollar price of bitcoin. Some people will take time to critically think about their world view and then change their mind. And a few people are more focused on being "proven right" than actually "being right," Anthony ‘Pomp’ Pompliano of Morgan Creek Digital wrote in his newsletter today.

According to him, holding on to your gold is the equivalent of physical letters.

"Does it get the job done? Yes, in the most basic sense, but it is drastically inferior to the digital application of communication," he added.

At the time of writing (13:47 UTC), BTC trades at USD 51,780 and is up by 2% in a day and 16% in a week. It rallied by 42% in a month and 434% in a year.

___

Learn more:
- Tech Overtakes Bitcoin in High-Risk Trade Ranking Again
- CFOs and Financial Advisors Have Different Concerns About Bitcoin
- Investors Still Prefer Stocks To Bitcoin, But BTC Wins Over Gold - Survey

Follow us on Twitter or join our Telegram

More Stories