The businessman also appreciates the role of gold “because it is a 5,000-year-old brand.”
For Druckenmiller, Bitcoin’s advantage over gold is that “it’s easier to do things with it.”
American billionaire and investor Stanley Druckenmiller revealed his current opinion on Bitcoin (BTC) in an interview on October 30, 2023.
“I’m 70 years old and I own gold,” Druckenmiller said when interviewer Paul Tudor Jones, who is also an investor, asked him what he thought of Bitcoin.
October 31st marks 15 years since Bitcoin inventor Satoshi Nakamoto published the Bitcoin white paper. At CriptoNoticias we celebrate this by offering you a curated production of articles.
Find out more >
By doing so, he implies that Bitcoin is a young and innovative asset for its age, adding: ““He was surprised” by the path Bitcoin took. “It’s clear that young people see it as a store of value because it’s much easier to do things with it [que con el oro]“, he deepened.
“I like gold because it’s a 5,000-year-old brand,” he said. In all this time, the asset has gained recognition among investors as a scarce store of value that is not produced by the state like fiat money.
In contrast, Bitcoin celebrated its 15th anniversary this week since its inception. In any case, this asset also appeals to the investor. “I like both,” Druckenmiller clarified, referring to gold and Bitcoin, commonly referred to as “digital gold.”
“To be honest, I don’t have Bitcoin, but I should,” the billionaire investor concluded.
These comments come a year later will count, in an interview with news channel CNBC, said he did not own Bitcoin, despite saying in 2020 that he owned shares in the currency. He then explained that it was difficult for him to have exposure to such assets due to the restrictive policies of central banks, but clarified that he foresaw a potentially promising future for the market.
“I would imagine that cryptocurrencies will play a big role in a ‘renaissance’ because people simply won’t trust central banks,” he said at the time.
Previously, in 2020, while owning Bitcoin, Druckenmiller suggested in another interview with the same news outlet that In the event of a possible devaluation of the dollar, the digital currency could serve as a better haven than gold.
“If the gold bet works, the Bitcoin bet will probably work better,” he commented at the time, as CriptoNoticias reported.
So far, these expectations have been met. Bitcoin price is up 100% since such comments, despite falling from its all-time high. The price of gold has now risen by 4%.
According to the explorer, BTC is currently trading at $34,000 and an ounce of gold is trading at just under $2,000. TradingView. And as CriptoNoticias reported, this week these assets reached their highest daily correlation since the banking crisis began.
Druckenmiller has a net worth of $6.2 billion
Stanley Druckenmiller currently has a net worth of $6.2 billion, according to real-time data compiled by Forbes. Therefore, He is one of the 400 largest billionaires in the world Registered.
He earned his fortune by working as a hedge fund manager for 30 years. Between 1988 and 2000 he worked as a portfolio manager for investor George Soros. And he is the founder of the investment firm Duquesne Capital, which operated from 1981 to 2010.