Billionaire investor Stanley Druckenmiller praised Bitcoin (BTC) for establishing a “brand” during the last decade and a half, admitting that whereas he doesn’t own any Bitcoin, he must.
The billionaire shared his newest ideas on Bitcoin in an Oct. 30 interview with hedge fund supervisor Paul Tudor Jones, the place he made comparisons between Bitcoin and gold as a retailer of worth.
“I’m 70 years old. I own gold. I was surprised that Bitcoin got going, but you know, it’s clear that the young people look at it as a store of value because it’s a lot easier to do stuff with. 17 years, to me, it’s a brand. I like gold because it’s a 5,000-year-old brand.” He added:
“So, I like them both. I don’t own any Bitcoin, to be frank, but I should.”
Stanley Druckenmiller is without doubt one of the most profitable hedge fund managers on Wall Street and is price $6,200,000,000.
He says, “Young people look at #bitcoin as a store of value. It’s a brand. I like it. I dont own any, but I should”pic.twitter.com/DXjrnvE1Qc
— Documenting ₿itcoin (@DocumentingBTC) October 30, 2023
Druckenmiller beforehand held Bitcoin. However, in a September 2022 interview, he revealed he had offered it in gentle of central banks imposing tightening measures.
He did, nonetheless, say the digital asset sector would flourish within the occasion that individuals lose religion within the central banking system, making an instance of the Bank of England after the British pound plummeted in mid-2022.
“I could see cryptocurrency having a big role in a Renaissance because people just aren’t going to trust the central banks.”
Druckenmiller based Duquesne Capital Management in 1981 and closed the fund in 2010. During that point, he achieved a median annual return of 30% and by no means skilled a down yr.
His funding philosophy revolved round holding a bunch of shares lengthy, a bunch of shares quick and utilizing leverage to commerce futures in occasions of rising and falling markets.
He’s additionally praised blockchain expertise, predicting {that a} ledger-based system could replace the United States greenback because the world’s reserve foreign money sooner or later.
In 2021, Druckenmiller said Ethereum is like “Myspace before Facebook” and predicted that Ether (ETH) would ultimately flip BTC.
Related: ‘Bitcoin is an international asset’ — BlackRock CEO’s bullish remarks
Sentiment towards Bitcoin amongst Wall Street corporations has warmed up during the last yr, most notably evidenced by a wave of proposed Bitcoin exchange-traded fund filings from main monetary corporations.
The cryptocurrency business nonetheless has its fair share of critics, though.
Charlie Munger has known as bitcoin Rat Poison.
Warren Buffett has known as it Rat Poison Squared.
But here is the factor.
If Rat Poison is a BIG *damaging* (eg, -1,000,000), should not Rat Poison Squared be an EVEN BIGGER *constructive* (eg, +1,000,000,000,000)?
It’s simply math, people! pic.twitter.com/UYobxYU08L
— 10-Ok Diver (@10kdiver) July 2, 2021
Well-known veteran traders Warren Buffett and Charlie Munger have lengthy referred to Bitcoin and cryptocurrencies as “rat poison” and an asset class that produces no worth.
