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Billionaire investor Stanley Druckenmiller just lately gave his two cents on Bitcoin, acknowledging the asset’s progress and recognition over the previous 17 years. While talking at an interview with billionaire Paul Tudor Jones, Druckenmiller in contrast Bitcoin to gold, noting its evolution right into a recognizable brand and investment vehicle.
Druckenmiller admits he doesn’t really personal any BTC as of the second, however he’s been intently following it and thinks it may very well be a lovely funding.
Druckenmiller Sees Bitcoin And Gold As Stores of Value
Bitcoin has lengthy been hailed by monetary analysts because the ideal asset for hedging against inflation and storing worth. Some have dubbed the cryptocurrency because the twenty first century’s digital gold due to its low correlation with shares, and Druckenmiller doesn’t disagree.
Stanley Druckenmiller is the founder and former chairman of Duquesne Capital, and as a 70-year-old billionaire investor, he has seen numerous monetary tendencies come and go over the many years. But just lately, he’s grow to be fascinated with BTC.
In the interview with Paul Tudor Jones, Druckenmiller said that BTC has been notably widespread as a good model due to its attraction to youthful traders. The billionaire made this observe whereas evaluating Bitcoin to gold, the age-long retailer of worth.
“I’m 70 years old, I own gold. I was surprised that Bitcoin got going, but 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. And 17 years, to me, it’s a brand.” Druckenmiller mentioned.
Stanley Druckenmiller is likely one of the most profitable hedge fund managers on Wall Street and is value $6,200,000,000.
He says, “Young people look at #bitcoin as a store of value. It’s a brand. I like it. I dont own any, but I should”pic.twitter.com/DXjrnvE1Qc
— Documenting ₿itcoin 📄 (@DocumentingBTC) October 30, 2023
It would appear the billionaire hasn’t invested in Bitcoin but primarily due to the dearth of clear regulation within the crypto business. Druckenmiller mentioned that he had beforehand held BTC. However, he bought them in 2022 due to restrictive insurance policies imposed by central banks.
“I like gold because it’s a 5,000-year-old brand, but the young people have all the money,” Druckenmiller mentioned. “So, I like them both. I don’t own any Bitcoin to be frank, but I should.”
Druckenmiller’s History With BTC
This isn’t the primary time Druckenmiller has made positive comments concerning the crypto business. Back in an interview in 2021, he likened Bitcoin to gold. He additionally predicted then that Ethereum may flip Bitcoin as sensible contracts on the Ethereum blockchain spiked in reputation. In 2022, he mentioned folks may flip to crypto as extra folks lose religion in central banks.
Investors like Druckenmiller and Jones have always praised Bitcoin, however others like Warren Buffet have been pessimistic. Buffet slammed BTC in a CNBC interview in April this 12 months, calling it a “gambling token.”
On the opposite hand, Bitcoin has been named because the best-performing asset class this 12 months, outperforming shares, bonds, commodities, and REITs. BTC is buying and selling at $34,195 on the time of writing and is seeking to break above a resistance at $35,000.
BTC worth reveals energy | Source: BTCUSD on Tradingview.com
Featured picture from Shutterstock, chart from Tradingview.com
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