Bitcoin is often referred to as digital gold, and now the benchmark cryptocurrency has another high-profile cheerleader: billionaire hedge fund investor Stanley Druckenmiller.
Druckenmiller, who managed George Soros’s money back in the 1990s, admitted in an interview with fellow hedge fund billionaire Paul Tudor Jones that he doesn’t own Bitcoin, and that’s possibly a mistake.
Druckenmiller Sees Gold And Bitcoin As Stores Of Value
Billionaire Stan Druckenmiller recently sang the praises of Bitcoin for establishing a “brand” over the last decade and a half.
In an Oct. 30 interview, the 70-year-old Wall Street legend compared gold, which has been considered a trusted store of value for decades, to Bitcoin. Highlighting the stark difference between the two, he noted his ownership of gold because “it’s a 5,000-year-old brand”. Further, he acknowledged the increasing preference for Bitcoin among younger people, who prefer it as a store of value as it is easier and more efficient to transact.
Despite Druckenmiller’s acknowledgment of Bitcoin’s value, he admitted to not owning any Bitcoin at the moment but hinted at possibly adding the cryptocurrency to his investment portfolio in the near future.
“I don’t own any Bitcoin, to be frank, but I should,” he opined.
Druckenmiller’s History With BTC
Druckenmiller’s latest comments are in stark contrast to his previous comments in a late 2020 CNBC interview, where he disclosed owning Bitcoin while still maintaining that his gold position was “many, many more times” larger than his BTC allocation.
He revealed in a September 2022 interview that he had sold his BTC after central banks imposed tightening measures. However, Druckenmiller said the crypto industry would flourish if people lose faith in the central banking system, citing the Bank of England after the British pound plunged in mid-2022.
Sentiment toward the number one cryptocurrency among Wall Street companies has warmed up over the past year, most notably demonstrated by an array of submitted Bitcoin exchange-traded fund (ETF) applications from prominent financial giants.
Bitcoin surged past $34,000 last week and is up over 100% so far this year after 2022’s brutal dive lower.
