Young people view the first cryptocurrency as a store of value, something that gold was for previous generations. This view was voiced by billionaire Stanley Druckenmiller.
In a joint podcast with Paul Tudor Jones, the former associate of George Soros at the Quantum Fund said that at the moment he does not own Bitcoin. But “I should”, he added.
“I’m 70 years old, I have gold. I was surprised when Bitcoin started to take off. But you know, it’s clear that young people view it as a store of value, because with it it’s much easier to do something,” said Druckenmiller.
He says the first cryptocurrency is already a brand on a par with precious metals, which have sustained its reputation for 5,000 years.
“So I like them both. I don’t own Bitcoin, but I should,” said the investor.
In November 2020, confessed that he invested part of his capital in cryptocurrency.
“I’m partly a dinosaur, but I’ve come to realise that Bitcoin can become an asset class that will be of interest from the perspective of a capital-preservation instrument,” the investor said at the time.
However, in September 2022, in an interview with CNBC the billionaire said he had disposed of the digital asset.
“It is hard to own something like this under tightening central bank policy,” he commented.
In May, his interview partner Paul Tudor Jones also pointed to the unfriendly regulatory environment for cryptocurrency in the United States, calling it a “real problem” for the asset. At the same time, the founder of Tudor Investment said he would always maintain a position in Bitcoin.
In June 2021, Tudor Jones vowed to invest 5% of his capital in the first cryptocurrency.
Back in 2020, he valued his Bitcoin assets at 1-2% of his fortune, which at the time amounted to $5.1 billion.