‘Bond King’ who called Bitcoin a lie now says BTC is a hedge against inflation

Bitcoin (BTC) is a recommended hedge against fiat currency inflation along with gold, one of its well-known critics now says.

In an appearance on Rosenberg Research’s webcast series on Nov. 2, Jeffrey Gundlach, CEO of investment management firm DoubleLine, produced rare praise for Bitcoin.

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Bitcoin vs. gold 1-year chart. Source: Skew

Gundlach tips Bitcoin and gold for fiat protection

Gundlach, informally known as the “Bond King,” is no stranger to discussing Bitcoin, but had previously made it clear that he would not invest.

In an interview with Business Insider last month, the billionaire called Bitcoin a “lie,” building on previous claims that he did not believe it was “unhackable.”

“I don’t believe in bitcoin. I think that it’s a lie. I think that it’s very tracked, traceable. I don’t think it’s anonymous,” he told the publication.

Nonetheless, Gundlach insisted that he was “not at all a Bitcoin hater” — a comment which he appeared to strengthen this week.

Telling listeners that they should own something to hedge against inflation, he mentioned gold and Bitcoin as good possibilities.