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, noting its evolution into a digital currency. Well-known brand and investment vehicle.
Druckenmiller admits that he doesn’t actually own any bitcoin at the moment, but has been following it closely and thinks it could be an attractive investment.
Druckenmiller sees Bitcoin and gold as stores of value
Financial analysts have long hailed Bitcoin as Bitcoin Ideal assets to hedge against inflation and store value. Some have called cryptocurrency the digital gold of the 21st century due to its low correlation with stocks, and Druckenmiller is no different.
Stanley Druckenmiller is the founder and former president of Duquesne Capital, and as a 70-year-old billionaire investor, he’s seen plenty of financial trends come and go over the decades. But recently, he has become fascinated with Bitcoin.
In an interview with Paul Tudor Jones, Druckenmiller stated that BTC is particularly popular as a prestige brand due to its appeal to young investors. The billionaire made the remark while comparing Bitcoin to gold, the all-time store of value.
“I’m 70 years old, and I own gold. I was surprised by the popularity of Bitcoin, but obviously young people see it as a store of value because it’s easier to transact with. After 17 years, this has become a brand for me,” Druckenmiller said.
Stanley Druckenmiller is one of the most successful hedge fund managers on Wall Street and has a net worth of $6,200,000,000.
“Young people are watching,” he says #Bitcoin As a store of value. It’s a brand. Love her. “I don’t have any, but I should.”pic.twitter.com/DXjrnvE1Qc
– Documenting ₿itcoin 📄 (DocumentingBTC) October 30, 2023
It seems that the billionaire has not invested in Bitcoin yet mainly due to the lack of clear regulation in the cryptocurrency industry. Druckenmiller said he previously owned BTC. But he sold it in 2022 due to restrictive policies imposed by central banks.
“I love gold because it’s a 5,000-year-old brand, but young people have all the money,” Druckenmiller said. “So, I love them both. To be honest, I don’t own any bitcoin, but I should.
Druckenmiller’s history with BTC
This isn’t the first time Druckenmiller has done this He made positive comments About the crypto industry. Back in an interview in 2021, He likened Bitcoin to gold. He also predicted at the time that Ethereum could upend Bitcoin as smart contracts on the Ethereum blockchain rose in popularity. In 2022He said people could turn to cryptocurrencies as more people lose confidence in central banks.
Investors love Druckenmiller and Jones have always been praised Bitcoin, but others like Warren Buffett were pessimistic. Swipe BTC Buffet In an interview with CNBC in April this year, calling it a “gambling icon.”
On the other hand, Bitcoin is named after… Best performing asset class This year, stocks, bonds, commodities and REITs have outperformed. BTC is trading at $34,195 at the time of writing and is looking up Break up Resistance at $35,000.
BTC price shows strength | Source: BTCUSD on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com