Home>Business>‘I do not personal Bitcoin, however I ought to’ — legendary investor Druckenmiller

‘I do not personal Bitcoin, however I ought to’ — legendary investor Druckenmiller


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“I’m 70 years outdated, I personal gold. I used to be shocked that bitcoin received going, however , it’s clear that the younger individuals have a look at it as a retailer of worth as a result of it’s lots 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.”

Druckenmiller beforehand held Bitcoin. Nonetheless in a September 2022 interview, he revealed he had offered it in mild of central banks imposing tightening measures.

He did, nevertheless, say the digital asset sector would flourish within the occasion that folks 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 may 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 gaggle of shares lengthy, a gaggle of shares brief and utilizing leverage to commerce futures in instances of rising and falling markets.

He’s additionally praised blockchain expertise, predicting {that a} ledger-based system could replace the U.S. greenback because the world’s reserve foreign money sooner or later.

In 2021, Druckenmiller said Ethereum is like “Myspace earlier than Fb” and predicted that Ether (ETH) would finally flip BTC.

Associated: ‘Bitcoin is an international 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 share of critics though.

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 at risk, BlackRock’s first spot Bitcoin ETF and other news: Hodler’s Digest, June 11-17