Billionaire Investor Jeffrey Gundlach Prefers Bitcoin Over Gold Short-Term: Details

Tomiwabold Olajide

Billionaire Investor Jeffrey Gundlach Says He Will Prefer Bitcoin Over Gold In The Short Term

Billionaire investor and Doubleline Capital CEO, Jeffery Gundlach, says he would buy Bitcoin instead of gold in the near term as the leading assets trade at the lower end of his range. Bitcoin rose to $41,717 on March 16, as investors were seemingly unfazed by the Fed’s announcement of a rate hike.

The Federal Reserve decided to raise rates for the first time since 2018, following the Bank of England’s lead by raising rates by 25 basis points in line with market expectations.

In response, Gundlach said the Fed’s announcement of a rate hike on Wednesday is just a follow-up to the two-year Treasury, adding that they are “far behind.”

The CEO of Doubleline Capital added: “Stocks are oversold and will rise in the near term, but will roll over once a few more rate hikes happen.” Given the rising correlation between Bitcoin and stocks, this could be positive for crypto. short-term.

Bitcoin is often compared to gold, with proponents claiming it is a hedge against inflation and an alternative investment strategy during times of crisis.

Billionaire investor and cryptocurrency mogul Mike Novogratz, for example, likens Bitcoin to diamonds and gold. He cites the reason that Bitcoin is not controlled by the government.

He further predicts that the largest cryptocurrency could reach $500,000 within five years.

Steve Wozniak, the co-founder of Apple, also had some praise for Bitcoin, describing the largest cryptocurrency as “pure gold,” as U.Today previously reported.

Bitcoin price action

Bitcoin, the largest cryptocurrency, currently trades at $40,710 on the Bitstamp exchange. It has slightly reduced profits after reaching highs of $41,717 on March 16. As a result of rising inflation, the Fed is under increasing pressure to keep consumer prices under control.

Speaking at a news conference, Fed Chair Jerome Powell said the central bank would shrink its balance sheet at its upcoming Federal Open Market Committee (FOMC) meeting.

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