Billionaire investor Stanley Druckenmiller praises the “brand” Bitcoin (BTC) has built over the past decade and a half – admitting that while he doesn’t own any Bitcoin, he should.
The billionaire shared his latest thoughts on Bitcoin on October 30 interview Comparisons were drawn with hedge fund manager Paul Tudor Jones, who compared Bitcoin to gold as a store of value.
“I’m 70 years old and I own gold. I’m surprised by the growth of Bitcoin, but you know, it’s clear that young people see it as a store of value because it’s easier to do things. ’17, for me Say, it’s a brand. I like gold because it’s a 5,000-year-old brand.” He added:
“So, I like both of them. Frankly, I don’t have any Bitcoin, but I should.”
Stanley Druckenmiller is one of Wall Street’s most successful hedge fund managers, worth $6.2 billion.
He said: “Young people see #bitcoin As a store of value. This is a brand. I like. I don’t own anything but I should”pic.twitter.com/DXjrnvE1Qc
— Documenting ₿itcoin (@DocumentingBTC) October 30, 2023
Druckenmiller previously held Bitcoin.However in September 2022 interview, He revealed that he had sold it in light of central bank austerity measures.
However, he did say that the digital asset industry would thrive if people lose confidence in the central bank system, citing the Bank of England as an example following the pound’s collapse in mid-2022.
“I can see cryptocurrencies playing a big role in the renaissance because people won’t trust central banks.”
Druckenmiller founded Duquesne Capital Management in 1981 and closed the fund in 2010. During that time, he achieved an average annual return of 30% and never experienced a down year.
His investing philosophy is to be long a group of stocks, short a group of stocks, and trade futures with leverage as the market rises and falls.
He also praised blockchain technology, predicting that the ledger-based system may replace the US dollar as the world’s reserve currency in the future.
In 2021, Druckenmiller said Ethereum was like “Myspace before Facebook” and predicted that Ethereum (ETH) would eventually replace BTC.
related: “Bitcoin is an international asset” – BlackRock CEO’s optimistic remarks
Confidence in Bitcoin among Wall Street firms grew last year, most evidently demonstrated by a wave of Bitcoin exchange-traded fund applications filed by major financial firms.
However, the cryptocurrency industry still has its share of critics.
Charlie Monger calls Bitcoin rat poison.
Warren Buffett calls it “rat poison squared.”
But here’s the thing.
If rat poison is a large negative (e.g., -1,000,000), shouldn’t rat poison squared be a larger positive (e.g., +1,000,000,000,000)?
It’s just math, guys! pic.twitter.com/UYobxYU08L
— 10km diver (@10kdiver) July 2, 2021
Other prominent veteran investors Warren Buffett and Charlie Munger have long called Bitcoin and cryptocurrencies “rat poison” and an asset class that generates no value.
Magazine: Gary Gensler’s Job at Risk, BlackRock’s First Spot Bitcoin ETF, and Other News: Hodler’s Digest, June 11-17
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