Gundlach has previously said, "I don't believe in bitcoin."
Blu Putnam said gold's ongoing production, likely to increase this year, contrasts with bitcoin's fixed supply.
Cryptocurrencies need to overcome a number of hurdles first, though, according to a research note.
"I guess if you are under 40, bitcoin is your new gold," Warsh said.
Bitcoin nearly triples its price in 2020 and ends the year close to $29,000, but ether gained 450%.
Wood will be cutting the gold position in his long-only asset allocation for U.S.-dollar-based pension funds to 45% from 50% and initiating a 5% holding of bitcoin
Just because gold is losing momentum and bitcoin is gaining it doesn't mean investors are selling gold to buy bitcoin – not yet, anyway.
"The adoption of bitcoin by institutional investors has only begun, while for gold, its adoption by institutional investors is very advanced," a JPMorgan managing director wrote in the report.
Bitcoin's price is approaching a new all-time high, but bitcoin is not yet the replacement for gold many think.
Rick Rieder, CIO of Fixed Income at investment giant BlackRock, told CNBC that bitcoin and cryptocurrency are "here to stay."
The Deutsche Bank analyst's comments are another sign of bitcoin's increasing acceptance in the mainstream of finance.
Bitcoin is outshining the precious metal by a significant margin as expectations soar of a swift global economic recovery enabled by promising coronavirus vaccines.
Even if they don’t know it yet, Michael Saylor thinks gold investors will eagerly dump the commodity for what he calls a superior store of value – bitcoin.
In a research report by JPMorgan’s global markets team, analysts noted that Grayscale Bitcoin Trust’s flow trajectory outperformed gold ETFs.
A Friday note outlines institutional, corporate, and Millennial interest in the leading cryptocurrency.