‘I don’t own Bitcoin, but I should,’ says Druckenmiller
Young people see bitcoin as a “store of value,” he added
RATCHANON SITTIKAN/Shutterstock modified by Blockworks
Investor Stanley Druckenmiller recently spoke about bitcoin during a fireside chat with Paul Tudor Jones.
The 70-year-old investor admitted that he doesn’t currently own any bitcoin — “but I should,” he continued.
To Druckenmiller, gold and bitcoin are similar, just with a huge age gap.
“I’m 70 years old, I own gold. I was surprised that bitcoin got going, but you know, it’s clear that the young people look at it as a store of value because it’s a lot easier to do stuff with. 17 years, to me, it’s a brand. I like gold because it’s a 5,000-year-old brand, but the young people have all the money, certainly the ones on the West Coast do,” he told Paul Tudor Jones on Oct. 24.
“So, I like them both. I don’t own any bitcoin but I should.”
Read more: AllianceBernstein calls bitcoin a ‘safe haven asset,’ more attractive than gold
This isn’t the first time that Druckenmiller has made positive comments about bitcoin or crypto.
In September of last year — before the collapse of FTX — Druckenmiller admitted to CNBC that he no longer owned bitcoin because of “central banks tightening.” Druckemiller admitted to owning bitcoin in 2021.
Druckenmiller also said: “It’s tough for me to own anything like [cryptocurrencies] with central banks tightening. But yeah, I still think — if the Bank of England, what they did — is followed by…other central banks in the next two or three years, if things get really bad…I could see cryptocurrency having a big role in a Renaissance because people just aren’t going to trust the central banks.”
Druckenmiller has compared bitcoin and gold in the past, admitting that he believes the younger generations view bitcoin as he views gold in 2021.
He dubbed it a “plaything” at a conference a few years ago in an interview with Goldman Sachs.
“I have my doubts whether bitcoin itself will be anything other than a store of value because it’s got all sorts of problems as a currency…But you know, right now it’s an asset class,” Druckemiller said in the 2021 interview.
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