Renowned billionaire hedge fund manager Stanley Druckenmiller says he doesn’t own any bitcoin but he should. He sees the crypto as a brand. When comparing bitcoin to gold, he said: “It’s clear that the young people look at it as a store of value because it’s a lot easier to do stuff with.”
Stan Druckenmiller Says He Should Own Bitcoin
Billionaire investor Stanley Druckenmiller discussed bitcoin investing with fellow hedge fund manager Paul Tudor Jones during a fireside chat at the JPMorgan/Robin Hood Investors Conference in New York City on Oct. 24. Druckenmiller is the chairman and CEO of Duquesne Family Office LLC. He was previously a managing director at Soros Fund Management where he had overall responsibility for funds with a peak asset value of $22 billion. According to Forbes’ list of billionaires, his personal net worth is currently $6.4 billion.
When asked about gold and bitcoin, Druckenmiller said: “I’m 70 years old. I own gold.” Emphasizing that he likes both gold and bitcoin, Druckenmiller shared:
I don’t own any bitcoin to be frank, but I should.
The billionaire added: “I was surprised that bitcoin got going, but you know, it’s clear that the young people look at it as a store of value because it’s a lot easier to do stuff with. 17 years, to me, it’s a brand. I like gold because it’s a 5,000-year-old brand, but the young people have all the money, certainly the ones on the West Coast.” Bitcoin proponents just celebrated the 15th anniversary of Satoshi Nakamoto’s Bitcoin white paper on Tuesday.
Druckenmiller used to be a BTC investor. He said in November 2020: “I’m a bit of a dinosaur, but I have warmed up to the fact that bitcoin could be an asset class that has a lot of attraction as a store of value.” In June last year, he revealed that he preferred to own bitcoin more than gold in an inflationary bull market. “Frankly, if the gold bet works, the bitcoin bet will probably work better because it’s thinner, more illiquid, and has a lot more beta to it,” he previously described.
However, the billionaire hedge fund manager got out of the cryptocurrency in response to tightening measures imposed by central banks. He explained in September last year: “It’s tough for me to own anything like that with central banks tightening.” Nonetheless, Druckenmiller stressed: “I could see cryptocurrency having a big role in a Renaissance because people just aren’t going to trust the central banks.”
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