Jeffrey Gundlach, a long time gold bull, has fallen to the disrupter, calling bitcoin The Stimulus Asset.
The King of Bonds, as Barrons once called him, is worth $2 billion and his DoubleLine investment management firm has over $141 billion in Assets Under Management (AUM) as of September 30, 2020.
“I am a long term dollar bear and gold bull but have been neutral on both for over six months,” Gundlach said, adding:
“Lots of liquid poured into a funnel creates a torrent. Bitcoin maybe The Stimulus Asset. Doesn’t look like gold is.”
Wall Street is turning its head in what may be a key moment perhaps in financial history as a debate rumbles on whether bitcoin is a must have in treasury reserves.
Microstrategy remains the loudest voice with a debt offering now upped to nearly $1 billion to buy bitcoin.
The saylorbot some call what they speculate is a buying bot on Coinbase. These rumors we haven’t taken the effort to check because the offering has not closed yet as far as we are aware, but a saylorbot is most certainly coming, if it is not already here.
The question is how many will join him as it looks like America stands on the brink of a cultural transformation in finance with Gundlach just the latest to jump ship.