The ‘King of Bonds’, which called Bitcoin a lie, now claims BTC is a good hedge against inflation

Bitcoin (BTC) is a recommended hedge against fiat inflation along with goldnow says one of his well-known critics.

In an appearance on Rosenberg Research’s webcast series on November 2, Jeffrey Gundlach, CEO of DoubleLine Investment Management Firm, Produced Rare Praise for Bitcoin.

Gundlach recommends using Bitcoin and gold as protection against fiat

Gundlach, known informally as the “King of Bonds”, He is no stranger to talking about Bitcoin, but he had previously made it clear that he would not invest.

In an interview with Business Insider last month, the billionaire called Bitcoin a “lie”, based on previous claims that he didn’t believe it was “unassailable”.

“I don’t believe in Bitcoin. I think it’s a lie. I think it’s very traceable. I don’t think it’s anonymous.”he told the publication.

But nevertheless, Gundlach insisted he “doesn’t hate Bitcoin at all”, a comment that seemed to strengthen this week.

Telling listeners that they should have something to protect themselves from inflation, he mentioned gold and Bitcoin as good possibilities..

This perspective marks the time when Gundlach has come closest to reversing his position of absence. and inviting investors to buy Bitcoin.

Meanwhile, gold is expected to increase significantly over time, he continued, in line with other advocates of the precious metal that currently expects big winnings after the US presidential election.

Perceptions vs. come back

The data shows the magnitude of Bitcoin’s returns relative to gold and other macro assets. Compiled by the online analytics resource Skew, YTD data was 88% as of November 3, with gold at 24% and the S&P 500 just over 2%.

In a context of intensification of the coronavirus pandemic and reduction of associated economic activity, Bitcoin is inclined to continue its rapid gains in the short and medium term.

As reported by Cointelegraph, some expect new all-time highs to appear in the next three months, while statistician Willy Woo supported him cryptocurrency is already deviating from the path of other macro assets, including gold.

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