- Bitcoin would protect holders against inflation
- DoubleLine CEO says he is not a Bitcoin hater
Bitcoin has many enemies. But somehow, the coin has always found a way to turn those enemies into friends.
This is what has happened recently as Jeffrey Gundlach, CEO of DoubleLine, has had a massive change of heart as regards the importance of Bitcoin in the current financial system.
DoubleLine is an investment management company. Its CEO had hitherto made it known that he would never invest in an asset like Bitcoin. He went on to say that the crypto asset was a lie in a recent interview he granted to Business Insider in October.
However, with the possibility of the inflation rate rising anytime soon, he appears to have backtracked. In a webcast released recently, the CEO could be heard advising his listeners to hold something that could protect them against the coming inflation.
The Covid-19 pandemic has had a major effect on the world’s economy. Countries are grappling with their economic realities and some of them have resorted into pumping more money into the economy. This, no doubt, would increase the level of inflation in the country.
During the webcast, the CEO went on to praise the crypto asset and advised that listeners use it as a hedge against fiat. He advised listeners to get either gold or the leading crypto asset.
Gundlach, known as the “Bond king”, has said that he is not a Bitcoin hater. However, this comment comes as a surprise considering the earlier stance he had against the coin.
Bitcoin adoption keeps growing
With the realization that inflation could hit anytime soon, many investors are beginning to adopt Bitcoin as a store of value and their wealth.
The coin has a finite number of supplies and it is not prone to government interference like the fiat currency. Not only that, the coin is rapidly becoming the go to system of completing transactions in a fast, cheap and secured manner.