10 months ago
Veteran capitalist Stanley Druckenmiller praised Bitcoin for establishing its ain “brand” during an interrogation with hedge money manager Paul Tudor Jones.
Billionaire capitalist Stanley Druckenmiller praised Bitcoin (BTC) for establishing a “brand” implicit past decennary and fractional — admitting portion helium doesn’t ain immoderate Bitcoin, helium ought to.
The billionaire shared his latest thoughts connected Bitcoin successful an Oct. 30 interview with hedge money manager Paul Tudor Jones, wherever helium made comparisons betwixt Bitcoin and golden arsenic a store of value.
“I’m 70 years old, I ain gold. I was amazed that bitcoin got going, but you know, it’s wide that the young radical look astatine it arsenic a store of worth due to the fact that it’s a batch easier to bash worldly with. 17 years, to me, it’s a brand. I similar golden due to the fact that it’s a 5,000-year-old brand.” He added:
“So, I similar them both. I don’t ain immoderate Bitcoin to beryllium frank, but I should.”Stanley Druckenmiller is 1 of the astir palmy hedge money managers connected Wall Street and is worthy $6,200,000,000.
He says, “Young radical look astatine #bitcoin arsenic a store of value. It’s a brand. I similar it. I dont ain any, but I should”pic.twitter.com/DXjrnvE1Qc
Druckenmiller antecedently held Bitcoin. However successful a September 2022 interview, he revealed helium had sold it successful airy of cardinal banks imposing tightening measures.
He did, however, accidental the integer plus assemblage would flourish successful the lawsuit that radical suffer religion successful the cardinal banking system, making an illustration of the Bank of England aft the British lb plummeted successful mid-2022.
“I could spot cryptocurrency having a large relation successful a Renaissance due to the fact that radical conscionable aren’t going to spot the cardinal banks."Druckenmiller founded Duquesne Capital Management successful 1981 and closed the money successful 2010. During that time, helium achieved an mean yearly instrumentality of 30% and ne'er experienced a down year.
His concern doctrine revolved astir holding a radical of stocks long, a radical of stocks abbreviated and utilizing leverage to commercialized futures successful times of rising and falling markets.
He’s besides praised blockchain technology, predicting that a ledger-based strategy could replace the U.S. dollar arsenic the world’s reserve currency successful the future.
In 2021, Druckenmiller said Ethereum is similar “Myspace earlier Facebook” and predicted that Ether (ETH) would yet flip BTC.
Related: ‘Bitcoin is an planetary asset' — BlackRock CEO’s bullish remarks
Bitcoin’s sentiment from Wall Street firms has warmed up implicit the past year, astir notably evidenced by a question of propsed Bitcoin exchange-traded money filings from large fiscal firms.
The cryptocurrency manufacture inactive has its fair stock of critics though.
Charlie Munger has called bitcoin Rat Poison.
Warren Buffett has called it Rat Poison Squared.
But here's the thing.
If Rat Poison is simply a BIG *negative* (eg, -1,000,000), shouldn't Rat Poison Squared beryllium an EVEN BIGGER *positive* (eg, +1,000,000,000,000)?
It's conscionable math, folks! pic.twitter.com/UYobxYU08L
Other well-known seasoned investors Warren Buffet and Charlie Munger person agelong referred to Bitcoin and cryptocurrencies “rat poison” and an plus people which produces nary value.
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