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Veteran US hedge fund investor Stanley Druckenmiller believes Bitcoin has established itself as a ”brand” over the past 17 years and said that while he doesn’t own the king of cryptocurrencies, he should.
The 70-year-old compared Bitcoin to gold as a store of value and acknowledged its appeal to the younger generation in an Oct. 30 interview with fellow hedge fund great Paul Tudor Jones.
“I don’t own any Bitcoin, to be frank, but I should,” he said. “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. Seventeen years, to me, it’s a brand. I like gold because it’s a 5,000-year-old brand. So, I like them both.
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 look at #bitcoin as a store of value. It’s a brand. I like it. I dont own any, but I should”pic.twitter.com/DXjrnvE1Qc
— Documenting ₿itcoin 📄 (@DocumentingBTC) October 30, 2023
Druckenmiller Sold Bitcoin Because Of Central Bank Tightening
Druckenmiller previously held Bitcoin but he revealed in a September 2022 interview with CNBC that he had sold it in light of central banks imposing tightening measures.
He expressed his belief that the digital asset sector could thrive if people lose faith in the central banking system. He gave an example of the Bank of England after the British pound plunged in mid-2022.
“I could see cryptocurrency having a big role in a Renaissance because people just aren’t going to trust the central banks,” he said.
Druckenmiller was the founder of Duquesne Capital Management, which operated between 1981 and 2010. During that period, he achieved an average annual return of 30% and never experienced a down year.
The investor is known for his investment philosophy of holding long and short stock groups and leveraging futures trading during falling markets.
Blockchain Technology Could Replace the U.S. Dollar as the World’s Reserve Currency
Druckenmiller has also praised blockchain technology and predicted the potential for a ledger-based system to replace the U.S. dollar as the world’s reserve currency in the future.
He notably compared Ethereum and Bitcoin to “Myspace before Facebook” in 2021, predicting that Ether (ETH) would eventually overtake BTC.
Bitcoin has continued to gain approval on Wall Street over the last year, particularly from institutional investors. This is notably evidenced by the numerous Bitcoin exchange-traded funds (ETFs) applications filed by financial titans including BlackRock and Fidelity.
The optimism of a Bitcoin ETF being approved by the SEC in the near future has been responsible for the ongoing market recovery, which has seen BTC price rise 30% over the last 30 days.
Bitcoin was trading at $34,274 as of 9:30 a.m. EST, after dropping 1.5% on the day.
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