Famous gold bug Jeffrey Gundlach has backtracked on his earlier comments on Bitcoin. According to him, Bitcoin appears to be a better investment than the yellow metal.

Earlier this year, Gundlach called Bitcoin a “bubble” during a CNBC interview. He warned investors to avoid purchasing it while asserting that it was in bubble territory. However, less than two months into the year and the CEO of DoubleLine Capital is now throwing his weight behind the digital asset.

In a tweet yesterday morning, Gundlach affirmed that Bitcoin may be “the stimulus asset.” On the flip side, he does not think that gold stands a chance.

The so-called Bond King’s decision to endorse Bitcoin may not be unconnected with the number of institutional players that have been flocking to accumulate the digital asset. On February 8, Tesla announced a $1.5 billion Bitcoin buy. Furthermore, the world’s largest asset manager, BlackRock, disclosed that it has dabbled into Bitcoin two days ago.

The world’s largest cryptocurrency has welcomed a lot of cash inflows from institutions in recent times. Most of these institutional investors are exposing their portfolio to Bitcoin as a means to hedge against inflation.