Investing Legend Stanley Druckenmiller Praises Bitcoin, Regrets Not Owning Some

bitcoin is often referred to as digital gold, and now the billionaire hedge fund investor Stanley Druckenmiller is supporting this view.

In an interview with fellow hedge fund billionaire Paul Tudor Jones, Druckenmiller admitted that he doesn’t currently own bitcoin, but believes it may be a mistake.

bitcoin-as-stores-of-value”>Druckenmiller Sees Gold And bitcoin As Stores Of Value

Billionaire Stan Druckenmiller recently praised bitcoin for establishing itself as a trusted asset over the last 15 years. He compared gold, which has been considered a store of value for centuries, to bitcoin, highlighting the brand recognition of gold. However, he acknowledged the preference of younger individuals for bitcoin as it is easier and more efficient to use as a store of value.

Despite recognizing bitcoin‘s value, Druckenmiller currently does not own any bitcoin. However, he expressed his belief that he should own it.

BTC-nbsp”>Druckenmiller’s History With BTC

Druckenmiller’s current stance on bitcoin is different from his previous comments in a CNBC interview in late 2020, where he disclosed owning bitcoin but emphasized his larger position in gold. He revealed in a September 2022 interview that he had sold his bitcoin after central banks implemented tightening measures. However, he stated that if people lose faith in the central banking system, the crypto industry would thrive.

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Sentiment towards bitcoin among Wall Street companies has improved over the past year, demonstrated by the increasing number of submitted bitcoin exchange-traded fund (ETF) applications from prominent financial giants.

bitcoin‘s price has surged past $34,000 and has seen a 100% increase this year after a significant drop in 2022.

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By Team