Billionaire Stanley Druckenmiller, in an interview with The Hustle, compared interest in Dogecoin (DOGE) with the hype around non-fungible tokens.
“This is the epitome of the craziest monetary policy in history. Since its issuance is not capped, right now I don’t see any practical value,” the investor said.
According to Druckenmiller, he would not open a short position on the meme cryptocurrency because of its unpredictability.
“I just try to pretend that DOGE doesn’t exist. I think about it so little that its rise doesn’t even bother me. When Bitcoin was rising, I went crazy because I didn’t have any of it. When Dogecoin goes up, I just start laughing,” the billionaire added.
He believes that taking positions in the meme cryptocurrency would suit gamblers.
Druckenmiller bemoaned the low liquidity of digital gold after the price decline in 2020.
“I tried to buy Bitcoin for $100 million at a price of $6,200. It took me two weeks to deploy $20 million. I think I invested all of it at $6,500. I decided it was ridiculous, since I could invest the same amount in gold in two seconds. Like an idiot, I stopped buying. The next thing I learned was that Bitcoin traded around $36,000,” the investor said.
He noted that he had exited the investment with a profit but kept some coins. In his view, Bitcoin beat Ethereum in the battle for store-of-value status due to branding, longer market presence, and capped issuance.
In November 2020, Druckenmiller said that invested a portion of his assets under management in the first cryptocurrency. He noted that Bitcoin could prove to be a better store of value than gold.
Earlier, in May 2021, billionaire Carl Icahn said he was ready to invest more than $1 billion in cryptocurrencies.
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