Prominent billionaire flags Bitcoin’s edge over gold

Former George Soros associate at the Quantum hedge fund, billionaire Stanley Druckenmiller, said in an interview with CNBC that he had invested part of the capital under his management in the leading cryptocurrency. He conceded that Bitcoin could prove to be a better store of value than gold.

Stanley Druckenmiller….billionaire hedge fund manager with annual returns averaging ~30% a year…went on CNBC and said:

«If the Gold bet works, the Bitcoin bet will probably work better.»

His outlook on the dollar was just as important because it explains *why* Bitcoin. pic.twitter.com/n7BwMXqJB6

— Luke Martin (@VentureCoinist) November 9, 2020

«I own gold many times more than Bitcoin. But to be frank, if the bet on gold works, the bet on Bitcoin will probably work better. The latter market is smaller, less liquid, and has a larger beta», — the billionaire said.

Druckenmiller noted the growing stabilization of the first cryptocurrency since its launch 13 years ago.

«I am somewhat of a dinosaur, but I have come to realise that Bitcoin could become an asset class that would be of interest as a capital-preservation instrument,» the investor said.

https://t.co/F4o9bMfwIr full video btw

— Carlos Silva (@silvac87) November 9, 2020

In the same interview the billionaire forecast a decline in the US dollar over a three- to four-year horizon.

In June 2019, Druckenmiller ruled out the possibility of purchasing Bitcoin, not recognizing it as a store of value.

Bloomberg puts Druckenmiller’s net worth at $5.83 billion. Before closing Duquesne Capital and retiring, he managed assets of $12 billion. From 1988 to 2000 he served as the Quantum Fund’s chief investment officer for George Soros.

Back in October, billionaire Paul Tudor Jones compared buying Bitcoin with investments in some of the largest early-stage technology companies.

In May, Paul Tudor Jones confirmed that he holds 1-2% of his assets in Bitcoin. Paul Tudor Jones’s net worth is estimated at $5.1 billion.

Subscribe to ForkLog news on Facebook!