Billionaire Druckenmiller: Bitcoin could be more profitable than gold

November 2020 Nadine 0 Comments

„If the bet on gold works, the bet on Bitcoin will probably work even better.
American billionaire Stanley Druckenmiller has changed his mind about Bitcoin and stated that Bitcoin has the potential to become a store of value for future generations.

On CNBC, Druckenmiller said that while he still owns more gold than crypto, he has bought at least some Bitcoin (BTC). He did not specify exactly how many.

„Bitcoin could be an asset class that is very attractive as a store of value for the millennials and as the new money of the West Coast. And, as you know, they have a lot of it,“ said the billionaire. „It’s been around for 13 years. And every day it is becoming more stable as a brand.“

It’s worth noting that Corona Millionaire white paper was released on Halloween 2008 and the Genesis block was mined in early 2009. But Druckenmiller is still new in this area, so you don’t have to attack it for its billing. He also said that he owns more gold than BTC:

„I own much more gold than Bitcoin. But honestly, if the bet on gold works, the bet on Bitcoin will probably work even better because it’s thinner and more illiquid and has much more beta“.

Druckenmiller is the former chairman and president of Duquesne Capital and his net worth is about $4.4 billion. Previously, the billionaire had a very different attitude toward crypto. Although he invested in the Stablecoin Basis project in 2018, the investor claimed last year that BTC could never be a medium of exchange given its volatility.

„I don’t think I am a Neanderthal. But that’s what I was called when I said I didn’t want to own Bitcoin,“ he said at the time.

Druckenmiller has previously described gold as a safe haven that investors can use to protect themselves from fiat. Other countries, especially China, are also currently trying to challenge the rule of the US dollar.