- Stanley Druckenmiller, a billionaire hedge fund manager, recently praised Bitcoin for its strong brand established over the last 15 years.
- He does not currently own any Bitcoin but believes he probably should.
- In an interview, Druckenmiller compared Bitcoin to gold as a potential store of value.
Billionaire hedge fund manager Stanley Druckenmiller recently shared his perspective on Bitcoin, praising the leading cryptocurrency for establishing a strong brand over the last decade and a half. While Druckenmiller admitted he does not currently own any bitcoin, he believes he probably should.
In an interview on October 30 with fellow billionaire investor Paul Tudor Jones, Druckenmiller compared Bitcoin to gold as a potential store of value. At 70 years old, Druckenmiller said he owns gold but has been surprised by the way younger generations view Bitcoin as a similar asset class given its much shorter history.
“I’m 70 years old, I own gold. 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,” Druckenmiller noted.
“So, I like them both,” he continued. “I don’t own any Bitcoin to be frank, but I should.”
Druckenmiller sold his Bitcoin holdings in 2022
While Druckenmiller previously invested in Bitcoin, he revealed in September 2022 that he had sold his holdings due to the central bank’s monetary tightening measures. However, he still sees potential in cryptocurrencies should people lose faith in central banking systems, pointing to the Bank of England’s struggles in 2022 as an example.
The billionaire investor and hedge fund manager founded Duquesne Capital Management in 1981, delivering average annual returns of 30% before closing the fund in 2010.
He has previously praised blockchain technology and predicted that Ethereum could eventually surpass Bitcoin in market capitalization. For now, while not yet an investor himself, Druckenmiller seems to view Bitcoin’s emergence as a legitimate achievement, even if he has not joined the craze.