Stanley Druckenmiller. Source: CNBC
It’s another bigshot score on the store of value front for Bitcoin. Billionaire hedge fund investor Stanley Druckenmiller just admitted holding BTC on national television in an interview with CNBC. The bigshot money manager also has positions in gold, but he is considerably bullish on the world’s first cryptocurrency.
In the latest interview with CNBC’s Kelly Evans, Stanley Druckenmiller, a billionaire hedge fund manager, said that he owns bitcoin and that he is betting on the cryptocurrency attaining much higher valuations in the upcoming future.
He opined that BTC has found a considerable fan base amongst the millennial generation and the entire West Coast tech belt.
Along with bitcoin, Mr. Druckenmiller also has positions in gold. And his yellow metal fund allocations are substantially higher than bitcoin. But he doesn’t shy away from stating the obviousness of both investments to work just fine.
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.
With his newfound advocacy for bitcoin and his investment in gold, Stanley Druckenmiller joins the likes of Paul Tudor Jones, another venerable Wall Street-based hedge fund investment figure. Both are supremely bearish on the US Dollar, with Druckenmiller even painting a picture of a multi-year decline for the greenback. He is, in fact, shorting USD.
Real Vision boss and serial Bitcoin bull Raoul Pal was quick to share the development on his Twitter profile. According to him, the billionaire hedge fund investor’s BTC investment admission should open the doors for more funds and endowment operators to follow suit.
As usual, Morgan Creek Digital co-founder Anthony Pompliano went a little overboard:
OMG Stan Druckenmiller explaining why Bitcoin is the best asset (lit emoji)
Just a couple of days back, Bill Miller, in his conversation with the folks at CNBC, said that every major bank would own bitcoin at some point in the near future.
More and more institutional investors are buying BTC as:
The bitcoin story is very easy. It’s supply and demand. Bitcoin’s supply is growing around 2.5% a year and the demand is growing faster than that.
BTC price has undergone a very volatile trading session today. Will the above big billionaire advocacy work in its favor in the near future (wrt price)? That still remains to be seen.
