Bitcoin is attracting more fans as its price continues to set another record high.
Its latest high-profile promoter: Jeffrey Gundlach, CEO of DoubleLine, who just a month ago declared his neutrality about the cryptocurrency as well as gold.
In a tweet late Wednesday, followed by an appearance on CNBC Thursday, Gundlach changed his tune, preferring Bitcoin to gold as the "stimulus asset" to own amid the massive amount of cash that has injected into the financial system during the current coronavirus pandemic.
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.
— Jeffrey Gundlach (@TruthGundlach) February 18, 2021
"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," Gundlach tweeted.
Bitcoin is often referred to as digital gold. While its prices have surged to record highs, topping $50,000, gold prices have declined to just under $18,000 an ounce from over $20,000 last August.
