Billionaire investor Stanley Druckenmiller recently gave his two cents on bitcoin, acknowledging the asset’s growth and popularity over the past 17 years. While speaking in an interview with billionaire Paul Tudor Jones, Druckenmiller compared bitcoin to gold and noted its evolution towards a crypto-community-argues-on-bitcoin-capacity-as-a-hedge-against-inflation/” rel=”nofollow”>recognizable brand and investment vehicle.
Druckenmiller admits that he doesn’t actually own any btc at the moment, but he has been following it closely and thinks it could be an attractive investment.
Druckenmiller sees bitcoin and gold as stores of value
bitcoin has long been hailed by financial analysts as the bitcoin-over-gold-to-hedge-against-inflation/” rel=”nofollow”>ideal asset to protect against inflation and store value. Some have dubbed cryptocurrency the digital gold of the 21st century due to its low correlation with stocks, and Druckenmiller doesn’t disagree.
Stanley Druckenmiller is the founder and former president of Duquesne Capital, and as a 70-year-old billionaire investor, he has seen many financial trends come and go over the decades. But recently, he has become fascinated with btc.
In the interview with Paul Tudor Jones, Druckenmiller stated that btc has been particularly popular as a big-name brand due to its appeal to younger investors. The billionaire made this note when comparing bitcoin to gold, the all-time store of value.
“I am 70 years old, I own gold. I was surprised that bitcoin took off, but it’s clear that young people see it as a store of value because it’s much easier to do things with it. And 17 years, for me, is a mark.” Druckenmiller said.
Stanley Druckenmiller is one of the most successful hedge fund managers on Wall Street and is worth $6,200,000,000.
He says: “Young people look bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin as a store of value. It is a brand. I like it. I don’t have any, but I should”pic.twitter.com/DXjrnvE1Qc
— Documenting ₿itcoin (@DocumentingBTC) October 30, 2023
It would seem that the billionaire has not yet invested in bitcoin, mainly due to the lack of clear regulation in the crypto industry. Druckenmiller said that he had previously held btc. However, he sold them in 2022 due to restrictive policies imposed by central banks.
“I like gold because it’s a brand that’s 5,000 years old, but young people have all the money,” Druckenmiller said. “So I like both. To be honest, I don’t own any bitcoin, but I should.”
Druckenmiller’s history with btc
This is not the first time that Druckenmiller bitcoin-narrowly-escapes-sell-off-after-druckenmillers-endorsement/” rel=”nofollow”>made positive comments about the crypto industry. bitcoin/” rel=”nofollow”>In an interview in 2021, compared bitcoin to gold. He also predicted then that ethereum could shift to bitcoin as smart contracts on the ethereum blockchain increased in popularity. crypto-has-a-bright-future-billionaire-says/” rel=”nofollow”>In 2022He said people could turn to cryptocurrencies as more people lose faith in central banks.
Investors like it bitcoin/” rel=”nofollow”>Druckenmiller and Jones have always praised bitcoin, but others like Warren Buffet have been pessimistic. bitcoin-critic-warren-buffett-slams-btc/” rel=”nofollow”>Buffet criticized btc in a CNBC interview in April of this year, calling him a “game chip.”
On the other hand, bitcoin has been named as the best performing asset class this year, outperforming stocks, bonds, commodities and REITs. btc is trading at $34,195 at the time of writing and is looking break up a resistance of $35,000.
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btc price shows strength | Source: BTCUSD on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com
