In an interview with Paul Tudor Jones, the hedge fund manager, Stanley Druckenmiller, a famed investor, commended Bitcoin for developing its own ‘brand.’
Stanley Druckenmiller, a billionaire investor, applauded Bitcoin (BTC) for creating a ‘brand’ over the last 15 years. He confessed that despite not owning any BTC, he should.
In an October 30 interview with Paul Tudor Jones, a hedge fund manager, the veteran shared his most recent thoughts concerning Bitcoin by comparing it with gold as a store of value.
Crypto Investor Recognizes Bitcoin Brand Growth
Druckenmiller said he is 70 years old and owns gold. He also claimed that despite being surprised with BTC’s going, it is evident that younger persons consider it a store of value since it is considerably easier to use.
To him, 17 years is a brand. He also revealed his preference for gold since it is a 5000-year-old brand and added that despite not owning Bitcoin, he must. Druckenmiller earlier held BTC.
Nevertheless, in a September 22 interview, he disclosed he had sold it, considering central banks’ implementation of strict measures.
Nonetheless, he stated the digital sector would thrive if people lost faith in the central banking system. He gave an example of the Bank of England following the plunge of the British pound mid-last year.
Bitcoin Outshines Gold
According to Druckenmiller, cryptocurrency might have a significant role in a Renaissance since trust in the central banks will be lost. In 1981, he started Duquesne Capital Management, which closed in 2010. He attained a 30% yearly average return then and never had a down year.
His investment philosophy was centered on holding a group of stocks short, a group of stocks long, and utilizing leverage to trade futures during the rise and fall of markets. Druckenmiller has also applauded blockchain technology, forecasting that a ledger-founded structure could substitute the United States dollar as the globe’s reserve currency.
In 2021, he claimed that Ethereum is similar to ‘Myspace before Facebook’ and projected that Ether would finally flip Bitcoin. Over the past year, Bitcoin’s opinion from Wall Street companies has warmed up. The change of tune is evident with Wall Street’s asset management firm BlackRock leading the chase for elusive spot Bitcoin exchange-traded fund (ETF) approval from the US Securities and Exchange Commission (SEC).
Specifically, BlackRock triggered a wave of subsequent applications as they gained a high prevalence of debate concerning the viability of the Bitcoin exchange-traded fund (ETF) from big financial companies. The cryptocurrency industry has also attracted criticism.
Other famous investors, such as Charlie Munger and Warren Buffet, have always used the term ‘rat poison’ when describing Bitcoin and cryptocurrencies. Besides, they consider it an asset class that lacks value.
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