Billionaire investor Stanley Druckenmiller (Stanley Druckenmiller) revealed that he owns Bitcoin, calling it an asset class, which has great appeal as a store of value and may be better than gold.
Stan Druckenmiller owns Bitcoin
Stanley Druckenmiller revealed on Monday that he owns Bitcoin and explained why it might be better than gold.
The well-known investor founded Duquesne Capital in 1981 and closed the fund in August 2010. He managed George Soros and served as the chief portfolio manager of the Quantum Fund until 2000. He and Soros used the British pound to make a huge profit against the British pound in 1992. Forbes (Druckenmiller) currently has a net worth of $4.4 billion.
In an interview with CNBC on Monday, Druckenmiller said:
I am a bit like a dinosaur, but I am passionate about the fact that Bitcoin can be used as an asset class and as a store of value with great appeal.
He elaborated, “Bitcoin has existed for 13 years, and its stability is increasing every day.” The creator of Bitcoin, under the pseudonym Satoshi Nakamoto, published a Bitcoin white paper on Halloween in 2008.
In addition to Bitcoin, Druckenmiller’s portfolio also contains a large amount of gold. The billionaire investor said: “I own many times more gold than Bitcoin.” He emphasized:
Frankly speaking, if the gold bet is valid, then the Bitcoin bet may be better because it is thinner, less liquid and has more beta.
Druckenmiller’s Bitcoin disclosure has attracted a lot of attention in the crypto space. “Considering the talent of Stan Druckenmiller, isn’t this the greatest Bitcoin recognition ever?” Nuggets News CEO Alex Saunders tweeted.
Raoul Pal, a hedge fund manager at Goldman Sachs, responded to Druckenmiller’s Bitcoin comment on Twitter:
The importance of the world’s greatest and most respected money manager-Stan Druckenmiller (Stan Druckenmiller) said that he has been a Bitcoin for a long time and this cannot be overestimated. This removes any investment barriers for hedge funds or endowment funds.
Pal himself owns more than 50% of BTC assets and predicts that the price of Bitcoin will reach $1 million in five years.
In addition to Druckenmiller (Druckenmiller), other well-known hedge fund managers investing in Bitcoin include Paul Tudor Jones and Bill Miller, who invested 2% of his assets In addition to Bitcoin, it has recently been stated that all major banks will eventually have Bitcoin exposure.
What do you think of Stan Druckenmiller’s Bitcoin view? Let us know in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, CNBC
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