Famous investor Druckenmiller Once Said, I don't Hold Bitcoin, But I Would

In a conversation with hedge fund administrator Paul Tudor Jones, seasoned investor Stanley Druckenmiller lauded Bitcoin for creating a unique brand.

Source: twitter.com

Billionaire investor Stanley Druckenmiller said that even if he doesn't hold any Bitcoin, he should and commended the cryptocurrency for building a "brand" over the last fifteen years. In a conversation with hedge fund administrator Paul Tudor Jones on October 30, the billionaire discussed his most recent views on Bitcoin and compared it to gold as an instrument of wealth. In the past, Druckenmiller owned Bitcoin. He managed to admit in a September 2022 interview that he had sold it because of the austerity steps being implemented by central banks.

“I have invested in gold and I am already seventy years old. Although the emergence of bitcoin startled me, it's evident that younger generations view it as a store of wealth since it's much simpler to use. To me, it's a brand after 17 years. The fact that gold has a 5,000-year history is why I prefer it.”

He nevertheless chose to use the Bank of England as a case study of how the field of digital assets might prosper if public confidence in the nation's central bank were to evaporate around the middle of 2022. In 1981, Druckenmiller established Duquesne Capital Management, which he dissolved in 2010. He never had a losing year and averaged a 30% yearly return throughout that time.

His approach to investing was to keep certain companies long, some stocks short, and trade futures with leverage during increasing and declining markets. Additionally, he has complimented the technology of blockchain and expressed confidence that in the future, a ledger-based system may take the place of the US dollar as the reserve currency across the globe. According to Druckenmiller (2021), Ether (ETH) will ultimately outperform Bitcoin, comparing Ethereum to Myspace before Facebook.

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