Bitcoin, which is frequently referred to as “digital gold,” now has a billionaire hedge fund investor named Stanley Druckenmiller as a prominent supporter.
In an interview with fellow hedge fund billionaire Paul Tudor Jones, Druckenmiller – who oversaw George Soros’s investments in the 1990s – admitted that he does not now own Bitcoin, and it may have been an error selling them.
Recently, billionaire Stan Druckenmiller praised Bitcoin for creating a “brand” during the last fifteen years.
In a 30-minute interview , the legendary 70-year-old Wall Street man made a comparison between Bitcoin and gold, which has long been regarded as a reliable store of value. Pointing out the obvious distinction between the two, he said that he owned gold because “it’s a 5,000-year-old brand.”
He also noted that younger people are becoming more and more inclined to favor Bitcoin as a store of value since it is more convenient and effective to interact with.
Even though Druckenmiller acknowledged the value of Bitcoin, he admitted that he currently lacked any of the cryptocurrency but made a suggestion that he might own some in the near future.
“To be honest, I don’t hold any Bitcoin, but I really should,” he said.
The statements Druckenmiller made recently stand in sharp contrast to those he made earlier in a late 2020 CNBC interview. On that occasion, he acknowledged owning Bitcoin but said that his holdings in gold were “many, many more times” higher than his allocation to the cryptocurrency.
In a September 2022 interview, he disclosed that he had sold his Bitcoin following tightening measures implemented by central banks. Druckenmiller, citing the Bank of England following the British pound’s decline in mid-2022, asserted that the cryptocurrency sector would thrive if public confidence in the central banking system wanes.
Overled the past year, Wall Street corporations’ sentiment towards the leading cryptocurrency has improved. This is evident in the multitude of Bitcoin ETFs applications that these major financial institutions have submitted.
Following 2022’s devastating decline, Bitcoin soared beyond $34,000 last week and has increased by over 100% already this year.