Benzinga - Billionaire investor Stanley Druckenmiller on Monday spoke about Bitcoin (CRYPTO: BTC), acknowledging its establishment as a recognizable brand over the past 17 years.
Although he does not currently own any Bitcoin, Druckenmiller admitted that he should consider adding it to his portfolio.
What Happened: During an interview with hedge fund manager Paul Tudor Jones on October 30, Druckenmiller compared Bitcoin to gold as a store of value. As a 70-year-old investor, he personally holds gold but expressed surprise at Bitcoin’s popularity among younger generations.
"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," he said.
He recognized that many view Bitcoin as a more convenient store of value due to its ease of use. "So, I like them both (Bitcoin and Gold). I don't own any Bitcoin to be frank, but I should."
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Why It Matters: Druckenmiller previously held Bitcoin but revealed in a September 2022 interview with CNBC that he had sold it in response to tightening measures imposed by central banks.
Furthermore, Druckenmiller has praised blockchain technology, envisioning a future where a ledger-based system could potentially replace the U.S. dollar as the world’s reserve currency. In 2021, he compared Ethereum to “Myspace before Facebook” and predicted that Ethereum (CRYPTO: ETH) would eventually surpass Bitcoin in popularity.
Price Action: At the time of writing, BTC was trading at $34,237.44, up 1.10% in the last 24 hours, according to Benzinga Pro.
Photo by Oier Aso on Shutterstock
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