Stanley Druckenmiller, who once served as George Soros' right-hand man and founder of the $12 billion Duquesne Capital, recently spoke about Bitcoin at an investor conference.
He made headlines as he revealed that while he doesn’t own Bitcoin, he appreciates its value as a store of wealth.
This article delves into Druckenmiller's perspective, his past Bitcoin holdings, and how his viewpoint mirrors or diverges from other investment luminaries.
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Investment Guru Stanley Druckenmiller Weighs In on Bitcoin
Stanley Druckenmiller, a renowned American investor, revealed during an investors' conference in New York that he does not own Bitcoin (BTC).
The event, which also featured a conversation with Paul Tudor Jones, gave Druckenmiller the opportunity to offer his valuable insights on Bitcoin.
Stanley Druckenmiller is the founder of the now-closed $12 billion hedge fund 'Duquesne Capital.' He is also known for being the right-hand man of George Soros, one of the world's top three investors.
Bitcoin as a Store of Value: The Younger Generation's Perspective
During the discussion, Druckenmiller stated, "I was surprised at how much Bitcoin has been adopted. However, it’s clear that the younger generation perceives BTC as a 'store of value'."
He acknowledged that Bitcoin is being used as an "easier store of value" compared to gold.
Druckenmiller expressed a preference for gold, which has a "5,000-year history as a brand."
Nonetheless, he also rated Bitcoin, with its "17-year history," positively, saying, "I like both. I don't own Bitcoin, but I think I should."
I'm 70 and I own gold, and I'm amazed that Bitcoin has become so popular, but it's clear that younger people see it as a way to preserve value." Because Bitcoin is so easy to do something with.
With 17 years of history, Bitcoin is a brand to me. I like gold, which is a 5000 year old brand, but I am sure that people like the young people on the West Coast who prefer Bitcoin now have a substantial asset.
So I like both. To be honest, I don't own Bitcoin, but I think I should."
Diverse Opinions on Bitcoin in the Investment World
It should be noted that Stanley Druckenmiller revealed his Bitcoin ownership in 2020. However, in an interview conducted in September 2022, he disclosed that he sold his Bitcoin holdings in response to central bank tightening measures.
While notable figures like Warren Buffett have criticized Bitcoin and other cryptocurrencies, there are many investors who are bullish on Bitcoin.
Ricardo Salinas, a Mexican billionaire, has even suggested that "one should protect their assets from inflation with Bitcoin."
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