Famous billionaire hedge fund manager Stanley Druckenmiller says he “definitely” wants to have Bitcoin instead of gold in an inflationary bull market. However, he announced that he would prefer to own gold in the bear market.
Billionaire Stan Druckenmiller prefers Bitcoin over gold in the inflationary bull market
Stan Druckenmiller shared his views on Bitcoin and cryptocurrency investment in an interview with the Sohn Conference Foundation. Druckenmiller is president and CEO of Duquesne Family Office LLC. Previously, he was general manager at Soros Fund Management, which has the highest asset value of $22 billion. According to Forbes’ list of billionaires, his personal net worth is currently $6.8 billion.
In an interview with Sohn, Stan Druckenmiller explains why he prefers Bitcoin over gold with the following words:
If you believe that we will have Bitcoin, if it is in the bull phase, you want to own Bitcoin. Conversely, for other assets, you want to own gold if it is in a bearish phase.
Druckenmiller emphasizes that he believes this to be true because he has observed it long enough. The famous billionaire says, “I’m starting to believe what I observe,” adding:
Of course, if I think we’re going to have an inflationary bull market, I’d like to have more Bitcoins than gold. If I thought it was going to be a bear market – you know the stagflation type stuff – I would like to own gold.
Stanley Druckenmiller and on the future of cryptocurrencies
The billionaire states that his assumption is 85% correct, based on his observations, by saying “this is my assumption from this point on”. Commenting on cryptocurrency investment, the famous hedge fund manager shares what he sees in “high-frequency signals”:
There certainly seems to be a strong correlation between Crypto and Nasdaq.
As for the future of bitcoin and the cryptocurrency market, the investor has this to say:
I’d be very surprised if blockchain isn’t a real force in our economy – let’s say five years from now, 10 years from now — and not a big disruptor. The companies that will be established between now and then will be very successful. But they will also challenge things like our financial companies. They will also make a lot of hitches.
From all these inferences, Druckenmiller states that he finds crypto interesting. However, the billionaire noted that his 69th birthday is approaching in a few weeks, noting that:
I’m probably too old to compete intellectually with the young people in this field, but I’m definitely watching.
Bitcoin is currently in free fall, as we covered in the analysis of Cryptokoin.com . At the time of writing, it hit $23,744.61 again with buyers coming in at $22,812.38. Despite this, the last 24-hour depreciation is over 10%.
