Jeffrey Gundlach, CEO of $141 billion investment firm DoubleLine Capital LP, has stated that Bitcoin may be a better bet than gold when it comes to stimulus spending.
Institutions Warming Up To Bitcoin
Gundlach stated that he is bullish on gold and bearish on dollar long term. However, he has maintained a neutral stance on both for the past six months.
The CEO stated that gold may lose out to BTC when it comes to stimulus, referring to the influx of liquidity due to the ongoing pandemic.
BTC has caught the eye of many institutional investors in recent times. The leading cryptocurrency recently crossed the $50,000 mark. Currently, Bitcoin is trading for $52,014.57.
Meanwhile, gold broke its $1,800 support and was trading for $1,779.94 at press time.
DoubleLine is a Los Angeles-based investment management firm with over $141 billion AUM.
Earlier this month, it was revealed that Tesla had invested $1.5 billion into Bitcoin in the month of January, and MicroStrategy announced their plans to raise capital to buy Bitcoin this month.
Most recently, New York Digital Investment Group submitted their application to the SEC for a Bitcoin ETF.
The author didn’t hold crypto mentioned in this article at the time of press
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