Druckenmiller Says Bitcoin Could Beat Gold in Store of Value
Stanley Druckenmiller, an American billionaire investor, and hedge fund manager, recently expressed his changed view on the oldest Bitcoin cryptocurrency. The billionaire investor suggests that more than commodity assets like gold could be paid out by individuals who still do not hold any of the Bitcoin pie.
The American billionaire, Stanley Druckenmiller has further stated that Bitcoin is a store of value, and he claimed that it has the potential for future generations to come. He mentioned his view of Bitcoin in an interview with CNBC.
He has recently made the plunge into the cryptocurrency industry and bought some Bitcoin pie, Druckenmiller also said. Although he did not mention the number of his holdings, for the time being, he continued to invest in the gold market. But, in the days to come, he might strengthen his Bitcoin holdings more.
The renowned hedge fund manager, in an interview with CNBC, stated that he sees Bitcoin as an asset with future growth potential. He further noted that Bitcoin could become an asset class, which as a store of value can have a lot of appeals.
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The former chairman and president of Duquesne Capital, Druckenmiller, has a net worth of roughly $4.4 billion. His recent comments regarding Bitcoin represent a change in his position on crypto. The billionaire investor earlier has claimed that BTC could never be a medium of exchange, as it has the highest price volatility in the market.
Gold as a haven asset has previously been mentioned by Druckenmiller, which will protect investors from fiat exposure. Because every day, some countries like China are eager to challenge the U.S. dollar's domination. The currency, however, takes up more of its stabilization as a brand.