Famous billionaire hedge fund manager Stanley Druckenmiller said that in an inflationary bull market, he would “certainly” prefer to own bitcoin over gold. But in a bear market, he explained, he would want to own gold.
Stanley Druckenmiller on crypto, bitcoin, and blockchain
Stan Druckenmiller shares his views on bitcoin and cryptocurrency investing in an interview with the Thorne Conference Foundation published Saturday.
Druckenmiller is chairman and CEO of Duquesne Family Office LLC. Previously, he was the managing director of Soros Fund Management, where he was the general manager of a fund with peak assets worth $22 billion. His personal net worth is currently $6.8 billion, according to the Forbes Billionaires list.
“If I think we’re going to have irresponsible monetary policy and inflation in the future,” he explained, adding, “If we’re in a bull phase, I would own bitcoin.” In response, he noted, “I would like to own bitcoin.” He stated that “if other assets are in a bearish phase, I would want to own gold.
He stressed that he believes this to be true because he has been observing the market for so long.” I’m starting to believe what I’m observing,” Druckenmiller stressed, adding.
Certainly, if I think the inflationary bull market will continue, I will be more inclined to own bitcoin than gold.
“If I thought we were going to be in a bear market – you know, like stagflation – I would want to own gold.” He clarified.
The billionaire added, “That’s my assumption from here on out,” noting that his assumption was 85% based on what he had observed.
Commenting on cryptocurrency investing, the well-known hedge fund manager shared that according to the “high frequency signals” he follows.
There certainly seems to be a strong correlation between crypto and the NASDAQ.
This is what he said about the future of cryptocurrencies.” I would be very surprised if blockchain is not a major disruptive force in our economy – say, five or 10 years from now.” He elaborated.” Companies established between now and then will do very well, but they will also challenge and disrupt a lot of things like our financial companies.”
Druckenmiller concluded.” So I find crypto interesting.” But the billionaire noted that his 69th birthday was coming up in two weeks, noting that.
I’m probably too old to compete intellectually with the young people in this space, but I’m certainly keeping an eye on it.
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