1 minute read
- Stanley Druckenmiller, a well-known billionaire hedge fund and manager is one of the latest high-profile investors to publicly reveal that he has invested in the leading cryptocurrency.
- Speaking in an interview with CNBC, Stanley said that he owns some gold but he believes that his bitcoin investment will perform better in the long run compared to the precious-metals.
Stanley Druckenmiller, a well-known billionaire hedge fund manager is one of the latest high-profile investors to publicly reveal that he has invested in the leading cryptocurrency.
Speaking in an interview with CNBC, Stanley said that he owns some gold but he believes that his bitcoin investment will perform better in the long run compared to the precious-metal.
As seems to be the norm with billionaire investors such as Stanley recently, he has been a critic of bitcoin in the past only to invest in it later on.
Speaking in the interview earlier this week on the news network, Stanley praised the flagship coin by saying that it “has a lot of attraction as a store of value to both Millennials and the new West coastline“.
For those that don’t know, Stanley was a successful hedge fund manager for around three decades and went on to highlight that even though bitcoin has only been around for just over 10 years, its store of value is improving daily.
Stanley owns much more gold than he does bitcoin, but his investment in the flagship coin will more than likely prove to be a better performance than his investment in the precious-metal he admits. The hedge fund manager further said that “It’s thinner, more illiquid, and has a lot more beta to it.”
Essentially, like many other traders and institutional investors, Stanley is seeing the upside to bitcoin in comparison to gold.
“I just don’t need to be playing in bitcoin; I wouldn’t be short it, I wouldn’t be long it. […] I don’t understand why it’s a store of value other than you can’t create it. Well, there are a lot of things you can’t create that aren’t going to go to a million.
Interestingly, that is what Stanley said in June last year in an interview with the economic club of New York. It is interesting to see how many people can change their tune on different assets such as bitcoin over the years. Perhaps it was the financial crisis and coronavirus impact that changed Stanley‘s mind on the world of crypto but it will be hard to say for sure.
© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.