Bitcoin coming-out continues – The big investors in traditional finance no longer hide their love for Bitcoin. After Paul Tudor Jones a few months ago and Bill Miller just a few days ago, it is now Stanley Druckenmiller who admits to betting on the king of crypto.
Bitcoin, a great store of value?
American billionaire Stanley Druckenmiller is a long-time manager of hedge funds. In particular, he was the founder and chairman of Duquesne Capital, a fund that held up to $12 billion in assets under management.
In an interview with CNBC on 9 November, Druckenmiller explains that he has gradually changed his views on Bitcoin (BTC). Indeed, the billionaire realized that :
„Bitcoin could be an asset class that has great appeal as a store of value (…). It has been around for 13 years (sic, 12 years in fact since his white paper) and with each passing day it is becoming more and more stable as a well-known and recognised brand. »
However, in December 2017, the fund manager was not at ease with Bitcoin, also in an interview with CNBC. He claimed that he owned „no“ BTC at that time, because Satoshi Nakamoto’s invention was not a valid means of exchange for him because it was too volatile.
Gold and Bitcoin are the cure for the hyperinflation of fiats
So it’s been quite a turnaround since then, as Stanley Druckenmiller now says that :
„I own much, much more gold than I own bitcoin. But frankly, if the gold bet proves to be successful, the Bitcoin bet will probably work even better, as its market is smaller and less liquid (…). »
If they bet on safe havens, it is also because the billionaire is short (seller) of fiduciary currencies, especially the US dollar.
In short, not only does Stanley Druckenmiller see Bitcoin as a very good store of value, but the billionaire even thinks it will outperform gold. Indeed, the market of the king of cryptos being smaller than that of the precious metal, a possible hyperinflation of fiat currencies would lead to an explosion of the BTC price, higher than the rise of gold.