{"id":13864,"date":"2023-10-31T01:20:02","date_gmt":"2023-10-31T01:20:02","guid":{"rendered":"https:\/\/daniellalemos-com-br.builderallwppro.com\/?p=13864"},"modified":"2023-10-31T01:20:04","modified_gmt":"2023-10-31T01:20:04","slug":"i-dont-own-bitcoin-but-i-should-legendary-investor-druckenmiller","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13864","title":{"rendered":"&#8216;I don&#8217;t own Bitcoin, but I should&#8217; \u2014 legendary investor Druckenmiller"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Billionaire investor Stanley Druckenmiller praised Bitcoin (BTC) for establishing a \u201cbrand\u201d over last decade and half \u2014 admitting while he doesn\u2019t own any Bitcoin, he ought to. <\/p>\n<p>The billionaire shared his latest thoughts on Bitcoin in an Oct. 30 interview with hedge fund manager Paul Tudor Jones, where he made comparisons between Bitcoin and gold as a store of value.<\/p>\n<p>\u201cI\u2019m 70 years old, I own gold. I was surprised that bitcoin got going, but you know, it\u2019s clear that the young people look at it as a store of value because it\u2019s a lot easier to do stuff with. 17 years, to me, it\u2019s a brand. I like gold because it\u2019s a 5,000-year-old brand.\u201d He added:<\/p>\n<p>\u201cSo, I like them both. I don\u2019t own any Bitcoin to be frank, but I should.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">Stanley Druckenmiller is one of the most successful hedge fund managers on Wall Street and is worth $6,200,000,000.<\/p>\n<p>He says, \u201cYoung people look at #bitcoin as a store of value. It\u2019s a brand. I like it. I dont own any, but I should\u201dpic.twitter.com\/DXjrnvE1Qc<\/p>\n<p>\u2014 Documenting \u20bfitcoin  (@DocumentingBTC) October 30, 2023<\/p>\n<p>Druckenmiller previously held Bitcoin. However in a September 2022 interview,\u00a0he revealed he had sold it in light of central banks imposing tightening measures.<\/p>\n<p>He did, however, say the digital asset sector would flourish in the event that people lose faith in the central banking system, making an example of the Bank of England after the British pound plummeted in mid-2022.<\/p>\n<p>\u201cI could see cryptocurrency having a big role in a Renaissance because people just aren\u2019t going to trust the central banks.&#8221;<\/p>\n<p>Druckenmiller founded Duquesne Capital Management in 1981 and closed the fund in 2010. During that time, he achieved an average annual return of 30% and never experienced a down year. <\/p>\n<p>His investment philosophy revolved around holding a group of stocks long, a group of stocks short and using leverage to trade futures in times of rising and falling markets.<\/p>\n<p>He\u2019s also praised blockchain technology, predicting that a ledger-based system could replace the U.S. dollar as the world\u2019s reserve currency in the future. <\/p>\n<p>In 2021, Druckenmiller said Ethereum is like \u201cMyspace before Facebook\u201d and predicted that Ether (ETH) would eventually flip BTC.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>\u2018Bitcoin is an international asset&#8217; \u2014 BlackRock CEO\u2019s bullish remarks <\/em><\/strong><\/p>\n<p>Bitcoin\u2019s sentiment from Wall Street firms has warmed up over the last year, most notably evidenced by a wave of propsed\u00a0Bitcoin exchange-traded fund filings\u00a0from major financial firms.\u00a0<\/p>\n<p>The cryptocurrency industry still has its fair share of critics though.<\/p>\n<p lang=\"en\" dir=\"ltr\">Charlie Munger has called bitcoin Rat Poison.<\/p>\n<p>Warren Buffett has called it Rat Poison Squared.<\/p>\n<p>But here&#8217;s the thing.<\/p>\n<p>If Rat Poison is a BIG *negative* (eg, -1,000,000), shouldn&#8217;t Rat Poison Squared be an EVEN BIGGER *positive* (eg, +1,000,000,000,000)?<\/p>\n<p>It&#8217;s just math, folks! pic.twitter.com\/UYobxYU08L<\/p>\n<p>\u2014 10-K Diver (@10kdiver) July 2, 2021<\/p>\n<p>Other well-known veteran investors Warren Buffet and Charlie Munger have long referred to Bitcoin and cryptocurrencies \u201crat poison\u201d and an asset class which produces no value.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Gary Gensler\u2019s job at risk, BlackRock\u2019s first spot Bitcoin ETF and other news: Hodler\u2019s Digest, June 11-17<\/em><\/strong><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/legendary-investor-stanley-druckenmiller-wants-bitcoin\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Billionaire investor Stanley Druckenmiller praised Bitcoin (BTC) for establishing a \u201cbrand\u201d over last decade and half \u2014 admitting while he doesn\u2019t own any Bitcoin, he ought to. The billionaire shared his latest thoughts on Bitcoin in an Oct. 30 interview with hedge fund manager Paul Tudor Jones, where he made comparisons between Bitcoin and gold [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13865,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13864"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13864\/revisions"}],"predecessor-version":[{"id":13866,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13864\/revisions\/13866"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13865"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}