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Billionaire Druckenmiller: Bitcoin Bet Might Beat Gold

Billionaire Stanley Druckenmiller has changed his tune on Bitcoin; suggesting it might pay out more than commodity assets.

Billionaire investor Stanley Druckenmiller has shifted his opinion on Bitcoin as a store of value, claiming it has the potential for future generations to come.

In an interview with CNBC, Druckenmiller offered that he has made the plunge into the cryptocurrency world and bought Bitcoin. Although he did not state the amount, he did suggest that he is still more invested in the gold market at the time being. This being said, he might gravitate towards bolstering his Bitcoin holdings more in the future:

“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.”

Bitcoin – An attractive store of value

In the interview, he stated that he sees the cryptocurrency as an asset with growing potential. He offered:

 “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.”

What is Druckenmiller worth?

Druckenmiller is sitting on a current net worth of around $4.4 billion USD. He previously had knocked Bitcoin because of its volatility. Back in 2018, he had stated that he would never see Bitcoin as a viable medium of exchange. At the time, he said:

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.”

However, perhaps with Bitcoin showing more signs of stability or the fact that Bitcoin price has a relationship with the price of gold, his tune has changed.

Posted: Nov 10, 2020 Author: Becky Categories: Coin News