A weakening dollar and stubborn inflation are reshaping where investors look for safety in 2026.
DoubleLine CEO Jeffrey Gundlach took a direct shot at Bitcoin during a CNBC interview right after the Federal Reserve’s January 2026 press conference.
The billionaire investor pointed out that gold has climbed 90% over the past 12 months while Bitcoin has dropped over the same period. He called the shift a move away from “hype” and toward tangible assets.
Gundlach quoted investor Jim Grant: “The price of gold is the reciprocal of investors’ confidence in central banking.”
Fed Chair Jerome Powell held rates at 3.5% to 3.75% but offered little else. Gundlach summed up the press conference with what he called his “phrase of the meeting,” Powell’s repeated line: “I got nothing for you on that.”
Gundlach said he expects no more rate cuts under Powell’s remaining two meetings.
Gundlach made a bold claim about the U.S. dollar. He said it no longer works as a safe haven.
He explained that in all 12 S&P 500 corrections since 2000, the dollar rose 8%-10%. But during the March-April 2025 correction, the dollar fell 8%-10% instead. He blamed this on growing debt concerns and long-term fiscal problems.
Gundlach has held his weak-dollar view for about two years. He believes the dollar will stay “secularly weak” even if the broader economy slows down.
Also Read: How Will Fed Selling Dollars for Yen Impact Bitcoin Price?
Gundlach also flagged that inflation remains well above the Fed’s 2% target. The five-year average sits at 3.9%, and the GDP deflator is running above 3%.
He broke it down simply: 3% inflation over 15 years means prices rise 56%. At 2%, that number is only 35%.
For crypto holders watching macro trends, Gundlach’s stance is worth noting. If more capital keeps flowing into gold over risk assets like Bitcoin, the “digital gold” narrative faces a real test in 2026.
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