Billionaire 'Bond King' Jeffrey Gundlach says bitcoin is 'the stimulus asset' and that he is less bullish on gold

<p><img src="https://static3.businessinsider.com/image/602e724142b84000192f4278-2400/2020-06-10t013815z_1_lynxmpeg59038_rtroptp_4_funds-sohn.jpg" border="0" alt="FILE PHOTO: Jeffrey Gundlach,&nbsp;CEO of DoubleLine Capital LP, presents during the 2019 Sohn Investment Conference in New York City, U.S., May 6, 2019. REUTERS/Brendan McDermid" data-mce-source="Reuters" data-mce-caption="Jeffrey Gundlach,&nbsp;CEO of DoubleLine Capital LP, presents during the 2019 Sohn Investment Conference in New York"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul><li aria-level="1"><strong>Jeff Gundlach tweeted he's less bullish on gold and called bitcoin "The Stimulus Asset."</strong></li><li aria-level="1"><strong>Bitcoin has surged 80% in 2021 while gold has slumped.&nbsp;</strong></li><li aria-level="1"><strong>Gundlach turned neutral on bitcoin after it passed $23,000.</strong></li><li aria-level="1"><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell&amp;hash=8122c716833601fc1471f79af063b104'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest"><strong>Sign up here for our daily newsletter, 10 Things Before the Opening Bell</strong></a><strong style="color: #222222;">.</strong></li></ul><hr><p>"Bond King" Jeff Gundlach said in a recent tweet that he's less bullish on <a href="https://markets.businessinsider.com/commodities/gold-price">gold</a> and called <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> "The Stimulus Asset," a reference to the cryptocurrency's rally amid a flood of cash pumped into the financial system from pandemic aid.</p><p>"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 <a href="https://twitter.com/TruthGundlach/status/1362257187771277315's=20">tweeted</a>.&nbsp;</p><p>The DoubleLine Capital LP chief has praised bitcoin in recent months for having a "terrific supply and demand dynamic," but also has been critical of its rapidly accelerating price. On January 11, he told CNBC <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-bubble-commentary-analysis-jeff-gundlach-bond-king-cryptocurrency-2021-1-1029957043">he went neutral on bitcoin after it passed $23,000</a>.</p><p>"I don't like bitcoin here, I don't like things that are up on a stilt like that," he said.&nbsp;</p><p>Bitcoin's price has more than doubled since his January comments and passed the $52,000 mark for the first time ever on Wednesday. The cryptocurrency has gained roughly 80% in 2021. During that same time frame, gold has slumped 6%.&nbsp;</p><p>Gundlach's comments are another sign that more investors are beginning to view bitcoin as a legitimate store of value and hedge against inflation. Historically gold has been investors' go-to inflation hedge, but crypto enthusiasts argue bitcoin's finite supply makes currency a stronger hedge than gold.</p><p><a href="https://markets.businessinsider.com/currencies/news/jeffrey-gundlach-bitcoin-stimulus-asset-gold-bullish-bond-king-cryptocurrency-2021-2-1030097636#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/how-symphony-seas-worlds-largest-cruise-ship-deals-with-waste-2020-3">How waste is dealt with on the world's largest cruise ship</a></p>
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