Another billionaire has thrown his weight behind Bitcoin. Billionaire Stanley Druckenmiller is the latest billionaire to shout the world’s largest cryptocurrency saying it has the potential to store value for future generations.
Druckenmiller made his comments during a CNBC today interview where he revealed that he owned some crypto. In the interview, he said that he owned more of gold but kept some crypto for diversification. He went on to speak about Bitcoin’s pull among millennials.
“Bitcoin could be an asset class that has a lot of attraction as a store of value to both millennials and the new West Coast money — and, as you know, they got a lot of it. It’s been around for 13 years and with each passing day it picks up more of its stabilization as a brand.”
Druckenmiller just like most billionaires is more invested in legacy assets like gold and he made it clear in the interview.
“I own many many more times gold than I own Bitcoin. But 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.”
The billionaire who is a former chairman and president of Duquesne Capital, has a net worth of $4.4 billion. The latest position by Druckenmiller on BTC represents a change of opinion about crypto. Again, he and other investors of his age group have not been keen on crypto. Though Warren Buffet is older, we put Druckenmiller in his ilk because they have had similar dispositions about crypto. He once held the position that BTC would never become a medium of exchange due to volatility. At the time he also said that he had no interest in owning Bitcoin.
“I don’t think I’m a neanderthal, which is what I’ve been called when I’ve said I didn’t want to own Bitcoin,”
The former Duquesne Capital chair’s change of heart is a sign that maybe even the more conservative and traditional investors are coming around.
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