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Jeffrey Gundlach, founder of DoubleLine Capital, who had declared that he does not believe in Bitcoin, seems to have changed his opinion about the asset In his latest tweet, the DoubleLine Manager compared Bitcoin and gold and concluded that the digital currency may be a “stimulus asset” Bitcoin has gained notable mainstream investors such as Tesla, and Mastercard which propelled the asset’s price to new highs recently Other than investments, the asset has attracted several business magnates to speculate as well Recently, even philanthropist Bill Gates shared his take on the asset after Bitcoin surged past $52,000 on 17 February
At video editing time, the digital currency was trading at $51,943 with a 159% hike in price in the past seven days Moreover, the market cap of Bitcoin is estimated at $96927 billion, which makes it the eighth largest asset by market capitalization in the world Earlier, the DoubleLine Manager said that he preferred physical investment over Bitcoin, adding that he did not believe in the US dollar either
Gundlach cautioned that he was extremely negative long-term on the US dollar due to a growing budget deficit and looming inflation Even MicroStrategy Manager, Michael Saylor predicted that in the future, investors are more likely to opt for Bitcoin over gold and that only central banks would want to hold it However, at the moment, Bitcoin appears to have outperformed the asset The crypto has had 7,837,884% gain in the last decade, while gold returned a 32% profit Bitcoin touched yet another milestone this week, with the cryptocurrency going past the price level of $50,000 and later, $52,000
In fact, right now, the narrative of “It is closer to $100,000 than $0” is taking precedence over any other The bullish momentum accompanying bitcoin’s price movements have permeated different parts of the digital asset industry, with the same highlighted by the derivatives ecosystem too According to Skew, the bitcoin Funding rate across some derivatives exchanges has soared to its highest level since May-June 2019 lately While the funding rate, on average, is still higher than the rate seen over that period, it is much closer in comparison A hike in funding rate usually indicates that the number of longs is much higher than the number of shorts
A higher number of longs entails that the collective market is more bullish than before for another leg of price discovery on the charts Since the beginning of November, Realized Volatility has risen on the chart at a steady pace While the Implied Volatility charted a similar pattern too, since the turn of January, the same has underlined low volatility expectations despite the RV continuing to rise, exhibiting a move against expected volatility Now, though this is particularly positive for swing pricing, it also opens up the possibility of a sudden breakout downwards Further, Bitcoin’s ATM Volatility term structure also seemed to point towards a reduced volatility space for the rest of the year, suggesting a steady rise or steady decline from here onwards
Here, it’s worth noting a contradictory metric too According to Santiment, its weighted sentiment tracker for the world’s largest cryptocurrency has been rather negative following Bitcoin’s hike past $50,000 In fact, positive commentary slowed down while the social volume dropped too after bitcoin crossed the said level It is important to consider such developments with a pinch of salt, however, since many altcoin proponents may be responsible for less than positive commentary as well, alongside crypto-skeptics Subscribe to our channel and open notifications to learn more about gold, dollar, Euro, commodities, bitcoin, altcoin, cryptocurrencies and other investment tools
İn this video references an opinion and is for information purposes only It is not intended to be investment advice Every investment and trading move involves risk, you should do your own research while making a decision
