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Billionaire investor Stanley Druckenmiller praised Bitcoin (BTC) for establishing a “model” over final decade and half — admitting whereas he doesn’t personal any Bitcoin, he must.
The billionaire shared his newest ideas on Bitcoin in an Oct. 30 interview with hedge fund supervisor Paul Tudor Jones, the place he made comparisons between Bitcoin and gold as a retailer of worth.
“I’m 70 years outdated, I personal gold. I used to be stunned that bitcoin obtained going, however you recognize, it’s clear that the younger individuals have a look at it as a retailer of worth as a result of it’s quite a bit simpler to do stuff with. 17 years, to me, it’s a model. I like gold as a result of it’s a 5,000-year-old model.” He added:
“So, I like them each. I don’t personal any Bitcoin to be frank, however I ought to.”
Stanley Druckenmiller is among the most profitable hedge fund managers on Wall Road and is price $6,200,000,000.
He says, “Younger individuals have a look at #bitcoin as a retailer of worth. It’s a model. I prefer it. I dont personal any, however I ought to”pic.twitter.com/DXjrnvE1Qc
— Documenting ₿itcoin (@DocumentingBTC) October 30, 2023
Druckenmiller beforehand held Bitcoin. Nonetheless in a September 2022 interview, he revealed he had bought it in gentle of central banks imposing tightening measures.
He did, nonetheless, say the digital asset sector would flourish within the occasion that folks lose religion within the central banking system, making an instance of the Financial institution of England after the British pound plummeted in mid-2022.
“I may see cryptocurrency having a giant function in a Renaissance as a result of individuals simply aren’t going to belief the central banks.”
Druckenmiller based Duquesne Capital Administration in 1981 and closed the fund in 2010. Throughout that point, he achieved a mean annual return of 30% and by no means skilled a down yr.
His funding philosophy revolved round holding a gaggle of shares lengthy, a gaggle of shares quick and utilizing leverage to commerce futures in occasions of rising and falling markets.
He’s additionally praised blockchain expertise, predicting {that a} ledger-based system may change the U.S. greenback because the world’s reserve forex sooner or later.
In 2021, Druckenmiller mentioned Ethereum is like “Myspace earlier than Fb” and predicted that Ether (ETH) would finally flip BTC.
Associated: ‘Bitcoin is a world asset’ — BlackRock CEO’s bullish remarks
Bitcoin’s sentiment from Wall Road corporations has warmed up during the last yr, most notably evidenced by a wave of propsed Bitcoin exchange-traded fund filings from main monetary corporations.
The cryptocurrency business nonetheless has its fair proportion of critics although.
Charlie Munger has referred to as bitcoin Rat Poison.
Warren Buffett has referred to as it Rat Poison Squared.
However here is the factor.
If Rat Poison is a BIG *unfavourable* (eg, -1,000,000), should not Rat Poison Squared be an EVEN BIGGER *optimistic* (eg, +1,000,000,000,000)?
It is simply math, people! pic.twitter.com/UYobxYU08L
— 10-Okay Diver (@10kdiver) July 2, 2021
Different well-known veteran traders Warren Buffet and Charlie Munger have lengthy referred to Bitcoin and cryptocurrencies “rat poison” and an asset class which produces no worth.
Journal: Gary Gensler’s job in danger, BlackRock’s first spot Bitcoin ETF and different information: Hodler’s Digest, June 11-17
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