Why This 70-Year-Old Billionaire Wants To Own Bitcoin

Billionaire investor Stanley Druckenmiller not too long ago gave his two cents on Bitcoin, acknowledging the asset’s progress and recognition over the previous 17 years. Whereas 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 truly personal any BTC as of the second, however he’s been intently following it and thinks it may very well be a gorgeous funding.

Druckenmiller Sees Bitcoin And Gold As Shops of Worth

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 quite a lot of monetary tendencies come and go over the many years. However not too long ago, he’s develop into fascinated with BTC. 

Within the interview with Paul Tudor Jones, Druckenmiller said that BTC has been notably in style 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 previous, I personal gold. I used to be shocked that Bitcoin received going, but it surely’s clear that the younger individuals take a look at it as a retailer of worth as a result of it’s loads simpler to do stuff with. And 17 years, to me, it’s a model.” Druckenmiller stated.

Stanley Druckenmiller is likely one of the most profitable hedge fund managers on Wall Road and is price $6,200,000,000.

He says, “Younger individuals take a look at #bitcoin as a retailer of worth. It’s a model. I prefer it. I dont personal any, however I ought to”pic.twitter.com/DXjrnvE1Qc

— Documenting ₿itcoin 📄 (@DocumentingBTC) October 30, 2023

It could appear the billionaire hasn’t invested in Bitcoin but primarily due to the dearth of clear regulation within the crypto business. Druckenmiller stated that he had beforehand held BTC. Nonetheless, he offered them in 2022 due to restrictive insurance policies imposed by central banks.

“I like gold as a result of it’s a 5,000-year-old model, however the younger individuals have all the cash,” Druckenmiller stated. “So, I like them each. I don’t personal any Bitcoin to be frank, however I ought to.”

Druckenmiller’s Historical past With BTC

This isn’t the primary time Druckenmiller has made positive comments in regards to the crypto business. Back in an interview in 2021, he likened Bitcoin to gold. He additionally predicted then that Ethereum might flip Bitcoin as good contracts on the Ethereum blockchain spiked in reputation. In 2022, he stated individuals might flip to crypto as extra individuals lose religion in central banks.

Traders 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 yr, calling it a “playing token.”

However, Bitcoin has been named because the best-performing asset class this yr, outperforming shares, bonds, commodities, and REITs. BTC is buying and selling at $34,195 on the time of writing and is trying to break above a resistance at $35,000.

BTC value exhibits energy | Supply: BTCUSD on Tradingview.com

Featured picture from Shutterstock, chart from Tradingview.com