‘I don’t own Bitcoin, but I have to’ – famous investor Druckenmiller
Billionaire investor Stanley Druckenmiller has praised Bitcoin (BTC) for building a “brand” over the past decade and a half — even though he doesn't own any Bitcoin, he should.
In an October 30 interview with hedge fund manager Paul Tudor Jones, the billionaire made a comparison between Bitcoin and gold as a store of value.
“I'm a 70-year-old man, I own gold. I was surprised that bitcoin took off, but you know, obviously the young people see it as a store of value because it's so easy to do things. 17 years is a brand for me. I like gold because it is a 5,000 year old brand. He added:
“So I like them both. To be honest, I don't own Bitcoin, but I should.”
Stanley Druckenmiller is one of the most successful hedge fund managers on Wall Street and is worth $6,200,000,000.
It says: “Young people see #bitcoin as a store of value. It's a brand. i like it. I don't own anyone, but I have to” pic.twitter.com/DXjrnvE1Qc
— Documenting ₿itcoin (@DocumentingBTC) October 30, 2023
Druckenmiller previously held Bitcoin. However, in an interview in September 2022, he stated that he had sold off given that central banks had taken tightening measures.
But after the fall of the British pound in mid-2022, citing the Bank of England as an example, he says the digital asset sector will flourish if people lose faith in the central banking system.
I can see cryptocurrency playing a big role in the renaissance as people don't trust central banks.
Druckenmiller founded Duquesne Capital Management in 1981 and closed the fund in 2010. During that time, he got an average annual return of 30% and did not experience a year.
His investment philosophy revolved around holding a group of stocks long, a group of stocks short, and using futures trading in rising and falling markets.
He also praised blockchain technology, predicting that a blockchain-based system could replace the US dollar as the world's reserve currency in the future.
In the year By 2021, Druckenmiller said Ethereum will be like “Myspace before Facebook” and predicted that Ether (ETH) will eventually overtake BTC.
Related: ‘Bitcoin is a global asset' – BlackRock CEO bullish comments
Bitcoin sentiment from Wall Street firms has heated up over the past year, particularly as evidenced by a wave of Bitcoin exchange-traded securities from major financial firms.
The cryptocurrency industry still has its fair share of critics.
Charlie Munger called Bitcoin rat poison.
Warren Buffett called it the Rat Poison Square.
But here's the thing.
If rat poison is large *negative* (eg -1,000,000), shouldn't rat poison squared also be large *positive* (eg +1,000,000,000,000)?
It's just math, folks! pic.twitter.com/UyobxYU08L
— 10k Diver (@10kdiver) July 2, 2021
Other famous veteran investors Warren Buffet and Charlie Munger have long referred to Bitcoin and cryptocurrencies as “rat poison” and an undervalued asset class.
Magazine: Gary Gensler's Job at Risk, BlackRock First Position Bitcoin ETF and Other News: Hodler Digest, June 11-17
