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.
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