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.
“If the gold bet works, the Bitcoin bet will work better.”
In the latest interview with CNBC’s Kelly Evans, 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.
“I’m a bit of a dinosaur, but I have warmed up to the fact that Bitcoin could be an asset class that has a lot of attraction as a store of value,” says legendary investor Stanley Druckenmiller to @KellyCNBC. His “dollar-decline basket” also features good ol’ gold.$BTC $RIO $FCX pic.twitter.com/2zuM8JqxaW
— The Exchange (@CNBCTheExchange) November 9, 2020
He admitted his agnosticism to BTC being a store of value. But nonetheless, he opined that the cryptocurrency had 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. 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 3 – 4-year decline for the greenback. He is, in fact, shorting USD.
The BTC Community Rejoices With Excitement
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.
The significance of the worlds greatest and most respected money manager – Stan Druckenmiller saying just now that he is long bitcoin can not be overstated. That has removed every obstacle for any hedge fund or endowment to invest…#Bitcoin
— Raoul Pal (@RaoulGMI) November 9, 2020
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)
Veteran Investor Bill Miller Also Spoke Highly Of Bitcoin
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.