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Jeffrey Gundlach, founder and CEO of DoubleLine Capital, has taken to Twitter to share that he now believes Bitcoin to be the “stimulus asset” and doubts that gold can perform this function.

In the meantime, the largest buyer of Bitcoin and other digital assets, the Barry Silbert-affiliated Grayscale Investments, has announced that the amount of its crypto assets under management has surged to $40 billion.

“Bitcoin may be the stimulus asset, doesn’t look like gold is”

Jeffrey Gundlach has tweeted that he had been long-term bearish on the U.S. dollar and bullish on gold. However, over the past half-year, he has been neutral on both.

Now, he believes that the flagship cryptocurrency, Bitcoin, may be the “stimulus asset” for the economy that will help it thrive and work as a safe haven, rather than gold.

He mentioned “lots of liquid poured into a funnel” and the torrent that it creates, referring to the high interest that financial institutions have demonstrated toward Bitcoin this year.

(Read more)

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