Billionaire investor Stanley Druckenmiller recently gave his two cents on Bitcoin, acknowledging the asset’s growth and popularity over the past 17 years. During an interview with billionaire Paul Tudor Jones, Druckenmiller compared Bitcoin to gold, describing its evolution into a recognizable brand and investment vehicle.
Druckenmiller admits he doesn’t currently own BTC, but he follows 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 ideal assets to hedge against inflation and storing value. Some are calling the cryptocurrency the digital gold of the 21st century due to its low correlation with stocks, and Druckenmiller disagrees.
Stanley Druckenmiller is the founder and former chairman 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 became fascinated by BTC.
In the interview with Paul Tudor Jones, Druckenmiller stated that BTC has been particularly popular as a reputable brand due to its appeal to younger investors. The billionaire made the comment while comparing Bitcoin to gold, the age-old store of value.
“I am 70 years old, I own gold. I was surprised that Bitcoin took off, but it’s clear that the young people see it as a store of value because it’s much easier to do things with it. And 17 years, for me it is a brand.” said Druckenmiller.
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 are watching it #bitcoin as a store of value. It’s a brand. I like it. I don’t have one, but I should”pic.twitter.com/DXjrnvE1Qc
— Documenting ₿itcoin 📄 (@DocumentingBTC) October 30, 2023
It appears that the billionaire has not yet invested in Bitcoin, mainly due to the lack of clear regulations in the crypto industry. Druckenmiller said he previously owned BTC. However, he sold them in 2022 due to the restrictive policies of the central banks.
“I like gold because it’s a brand that’s 5,000 years old, but the young people have all the money,” Druckenmiller said. “So I like them both. To be honest, I don’t own Bitcoin, but I should.”
Druckenmiller’s history with BTC
This isn’t the first time Druckenmiller has done this made positive comments about the crypto industry. Back in an interview in 2021, he compared Bitcoin to gold. He also predicted at the time that Ethereum could flip Bitcoin as smart contracts on the Ethereum blockchain grew in popularity. In 2022He said people could turn to crypto as more people lose faith in central banks.
Investors love Druckenmiller and Jones have always praised it Bitcoin, but others like Warren Buffet were pessimistic. Buffet slammed BTC in a CNBC interview in April this year, calling it a “gambling token.”
On the other hand, Bitcoin has been termed as the best performing asset class this year they outperformed stocks, bonds, commodities and REITs. BTC is trading at $34,195 at the time of writing and looking forward to it break above a resistance at $35,000.
BTC price shows strength | Source: BTCUSD on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com