Speaking on CNBC today, Druckenmiller said he had bought at least some Bitcoin ( BTC), even though he spent even more in gold than crypto.
“Bitcoin could be an asset class that has a lot of attraction as a store of value to both millennials and the new West Coast money; and, as you know, they got a lot of it,” said the billionaire. “It’s been around for 13 years and with each passing day it picks up more of its stabilization as a brand.” Druckenmiller is new to all crypto world so no need to attack him for his math. He continued to say he is more invested in gold than BTC: “I own many many more times gold than I own Bitcoin. But frankly if the gold bet works, the Bitcoin bet will probably work better because it’s thinner, more illiquid and has a lot more beta to it.”
Druckenmiller, former President and Chairman of Duquesne Capital, has a net worth of around $4.4 billion. His latest comments represent an adjustment to the position of the billionaire on cryptography. Despite investing in the Basis stablecoin project in 2018, last year the investor believed that BTC could never be an exchange medium due to its volatility. “I don’t think I’m a neanderthal, which is what I’ve been called when I’ve said I didn’t want to own Bitcoin,” he said at the time.According to Cointelegraph.com Druckenmiller has previously put forward gold as a safe haven asset to protect investors from fiat exposure, with countries like China seemingly eager to challenge the hegemony of the U.S. dollar.