Billionaire Jeffrey Gundlach, the founder of investment firm DoubleLine Capital and a long-time gold bull, now considers bitcoin a better asset.
"Bitcoin maybe The Stimulus Asset. Doesn't look like gold is," Gundlach tweeted Thursday. The investor had been a long-term dollar bear and gold bull but has now turned neutral on both for over six months, he said.
Last month, Gundlach said bitcoin has been in "bubble territory" ever since it broke $20,000. "It's volatile as all get-out. I don't like bitcoin here. I don't like things that are up on a stilt like that," Gundlach said at the time. "I'm not really a contrarian, but there are times when people seem to be so much on one side of the boat that I don't believe the boat can sail that well."
Gundlach's latest comments make a stronger investment case for bitcoin over gold. Gold exchange-traded funds have seen outflows in recent months while investments continue to pour into the cryptocurrency.
Bitcoin has garnered interest from billionaires Elon Musk, Paul Tudor Jones, Alan Howard, and others. The price of the cryptocurrency has quadrupled over the past year and surged through $52,000 this week. Bitcoin is currently trading at around $51,400.