‘I don’t own Bitcoin, but I should’ — Legendary investor Druckenmiller

Legendary investor Stanley Druckenmiller has spoken highly of Bitcoin (BTC), acknowledging its rise as a recognized store of value over the past 17 years. Despite not currently owning any Bitcoin, Druckenmiller stated that he should own some.

Bitcoin’s Branding and Appeal

In a recent interview with hedge fund manager Paul Tudor Jones, Druckenmiller drew comparisons between Bitcoin and gold as stores of value. While he mentioned his preference for gold due to its long-standing reputation, Druckenmiller also acknowledged Bitcoin’s appeal for younger generations:

“I’m 70 years old. I own gold… It’s clear that the young people look at [Bitcoin] as a store of value because it’s a lot easier to do stuff with… So, I like them both. I don’t own any Bitcoin, to be frank, but I should.”

Druckenmiller’s praise for Bitcoin comes from his recognition of its branding and market presence. He views Bitcoin as a brand that has gained popularity among the younger demographic.

Previous Bitcoin Holdings and Speculations on Future Industries

While Druckenmiller does not currently own Bitcoin, he had previously held it. However, he liquidated his holdings in September 2022, citing the tightening measures imposed by central banks. Despite this, he expressed confidence in the digital asset sector, anticipating its potential growth in the event of a loss of trust in central banks. As an example, he pointed to the Bank of England’s situation after the significant drop in the value of the British pound in 2022:

“I could see cryptocurrency having a big role in a Renaissance because people just aren’t going to trust the central banks.”

Druckenmiller’s investment expertise lies in his successful tenure as the founder of Duquesne Capital Management, where he achieved remarkable average annual returns of 30% without experiencing a single down year. His investment philosophy involved long and short positions in stocks, as well as leveraging futures trading during market fluctuations. Druckenmiller has also shown admiration for blockchain technology, foreseeing its potential to replace the United States dollar as the world’s reserve currency in the future.

Views on Ethereum and Wall Street Sentiment

Druckenmiller has not limited his remarks to Bitcoin alone; he has also made predictions regarding other cryptocurrencies. Comparing Ethereum (ETH) to Myspace before the emergence of Facebook, Druckenmiller suggested that Ether could eventually surpass Bitcoin. As for Wall Street sentiment towards Bitcoin, there has been a notable shift in recent years. Major financial firms have submitted proposals for Bitcoin exchange-traded funds (ETFs), reflecting a warmer reception towards the cryptocurrency industry. However, critics such as Warren Buffet and Charlie Munger continue to dismiss Bitcoin as a valueless asset, referring to it as “rat poison.”

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