Is bitcoin the perfect hedge against the US dollar inflation?

QuickTake

1 minute read

• For Bitcoin, there are many naysayers of the leading cryptocurrency some of which over the years have changed their tune on the digital currency. 

• The CEO of the investment management company DoubleLine, Jeffrey Gundlach has given some unexpected praise for the king coin. 

Is it possible to love something you once hated?

For Bitcoin, there are many naysayers of the leading cryptocurrency some of which over the years have changed their tune on the digital currency. 

The CEO of the investment management company DoubleLine, Jeffrey Gundlach has given some unexpected praise for the king coin. He even recommended it as a hedge against Fiat currency inflation along with gold in a surprise comment on Rosenberg research webcast series earlier this week.

Previously, Gundlach has made it very well-known that he would never invest in a digital asset like bitcoin. He even said in an interview with business insider in October that bitcoin is a “Lie“.

In the webcast this week though, he suggested to the listeners that they should own something to hedge against inflation, something that is a worry in today’s world following the COVID-19 pandemic and the economic crisis that has come as a result.

Despite the lockdowns and all the economic backlash that has occurred as a result of coronavirus, bitcoin is expected to continue its speedy gains in the short to medium term.

Informally known as the “bond king“, he insisted that he was not at all a “bitcoin hater“.

Many big financial institutions are getting involved with bitcoin and have been over the course of 2020. As inflation grows for the US dollar and more money is printed on a daily basis following the economic crisis, gold and assets like bitcoin are becoming ever more attractive to big players within the financial world.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.