Druckenmiller, the hedge fund investor, joins other Billionaire in Buying Bitcoin as a wealth reserve

Stanley Druckenmiller,

November 10, 2020

Reading Time: 2 minutes

Stanley Druckenmiller, the US-based billionaire, was quoted in an interview with CBNC saying that he owns bitcoin. The hedge fund investor is now recognized as the latest colossal net worth, and a high-profile investor to join the crypto space.

During the interview, Druckenmiller mentioned that most of his wealth is in the gold bet as compared to bitcoin. However, bitcoins have appealed to him to be a better store of value than gold. He mentioned that bitcoins are thinner and are more illiquid than gold. He added that he has much confidence in bitcoin and soon, bitcoin will surpass his gold reserve quantities.

The billionaire investor considered gold and bitcoin to be similar means of wealth storage. He particularly mentioned that bitcoins should be considered to be more effective for their ease of storage.

Druckenmiller has so far, joined other billionaires who have stored their wealth in bitcoins including; Jack Dorsey, Paul Tudor Jones, Michael Saylor as well as many other billionaires who have considered bitcoins to be a substantial store of wealth.

Reliable reports have it that, Druckenmiller had been so skeptical over the past years regarding bitcoins and other cryptos.

In the past year, he was recorded mentioning that he didn’t understand how bitcoins can be a store of value. However, this has changed after merely one year, where he said in CNBC interview that he owns bitcoin.

The billionaire investor added that that, bitcoin is significantly a store of value, majorly utilized by the millennials. He said that the new west cost money that is in the form of cryptocurrencies, is owned by the millennials in large sums.

From a Bloomberg report made weeks ago, a headline stating that the billionaire hedge fund investor, Druckenmiller was betting against the dollar, this reason might have been among the driving forces for his venture into the digital currency. Besides, bitcoins have become like an additional bucket for his wealth.

5 Comments

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