Billionaire investor Stanley Druckenmiller praised Bitcoin (BTC) for establishing a “model” over final decade and half — admitting whereas he doesn’t personal 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 previous, I personal gold. I used to be stunned that bitcoin received going, however you recognize, it’s clear that the younger individuals take a look at it as a retailer of worth as a result of it’s so much simpler to do stuff with. 17 years, to me, it’s a model. I like gold as a result of it’s a 5,000-year-old model.” He added:
“So, I like them each. I don’t personal any Bitcoin to be frank, however I ought to.”
Stanley Druckenmiller is among the most profitable hedge fund managers on Wall Road and is value $6,200,000,000.
He says, “Younger individuals take a look at #bitcoin as a retailer of worth. It’s a model. I prefer it. I dont personal any, however I ought to”pic.twitter.com/DXjrnvE1Qc
— Documenting ₿itcoin (@DocumentingBTC) October 30, 2023
Druckenmiller beforehand held Bitcoin. Nevertheless in a September 2022 interview, he revealed he had offered it in mild 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 Financial institution of England after the British pound plummeted in mid-2022.
“I might see cryptocurrency having a giant position in a Renaissance as a result of individuals simply aren’t going to belief the central banks.”
Druckenmiller based Duquesne Capital Administration in 1981 and closed the fund in 2010. Throughout that point, he achieved a mean annual return of 30% and by no means skilled a down 12 months.
His funding philosophy revolved round holding a bunch of shares lengthy, a bunch of shares brief and utilizing leverage to commerce futures in instances of rising and falling markets.
He’s additionally praised blockchain know-how, predicting {that a} ledger-based system might change the U.S. greenback because the world’s reserve foreign money sooner or later.
In 2021, Druckenmiller mentioned Ethereum is like “Myspace earlier than Fb” and predicted that Ether (ETH) would finally flip BTC.
Associated: ‘Bitcoin is a world asset’ — BlackRock CEO’s bullish remarks
Bitcoin’s sentiment from Wall Road corporations has warmed up during the last 12 months, most notably evidenced by a wave of propsed Bitcoin exchange-traded fund filings from main monetary corporations.
The cryptocurrency business nonetheless has its fair proportion of critics although.
Charlie Munger has known as bitcoin Rat Poison.
Warren Buffett has known as it Rat Poison Squared.
However here is the factor.
If Rat Poison is a BIG *detrimental* (eg, -1,000,000), should not Rat Poison Squared be an EVEN BIGGER *constructive* (eg, +1,000,000,000,000)?
It is simply math, people! pic.twitter.com/UYobxYU08L
— 10-Okay Diver (@10kdiver) July 2, 2021
Different well-known veteran traders Warren Buffet and Charlie Munger have lengthy referred to Bitcoin and cryptocurrencies “rat poison” and an asset class which produces no worth.
Journal: Gary Gensler’s job in danger, BlackRock’s first spot Bitcoin ETF and different information: Hodler’s Digest, June 11-17
