Druckenmiller, while speaking to CNBC, stated that even though he is a big investor in gold, in comparison to crypto, he had bought some quantity of Bitcoin (BTC). He did not give any indication about the bought quantity.
The billionaire said:
“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. It’s been around for 13 years and with each passing day it picks up more of its stabilization as a brand.”
To be frank, Bitcoin’s white paper was published on 2018 Halloween and the first or genesis block was mined at the start of 2009. However, Druckenmiller seems to have forgotten or not aware of those facts. He went on to state that gold forms a major share of his investments, in comparison with Bitcoin.
OMG Stan Druckenmiller explaining why Bitcoin is the best asset ? pic.twitter.com/hMK9VozJ3t
— Pomp ? (@APompliano) November 9, 2020
“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.”
The networth of Druckenmiller, ex-chairman and President of Duquesne Capital, is about $4.40 billion.
His latest comments indicate a change in the billionaire’s stance on crypto. Although he took a stake in Basis, a stablecoin venture established in 2018, the investor asserted last year that Bitcoin could never transform into a medium of exchange, considering its volatility.
At that moment, he said “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.”
Druckenmiller has earlier cited gold as a safe haven asset to safeguard investors from exposure to fiat money, with countries such as China looking keen to confront the domination of the greenback.