Billionaire investor Stanley Druckenmiller has become the latest veteran of the financial industry to speak positively about Bitcoin (BTC), likening the top crypto to gold and saying that it has now established itself as a brand that could survive for a long time.
Druckenmiller made the comments during an interview with fellow hedge fund manager Paul Tudor Jones, confessing that he is experiencing a serious case of FOMO (fear of missing out) after missing out on buying Bitcoin at lower levels.
“I don’t own any Bitcoin, to be frank, but I should,” he said, hinting at a possible shift in his investment strategy.
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While veteran investors have traditionally turned to gold and silver and times like these, the younger crowd has taken a liking to Bitcoin, which Druckenmiller said is a trend that is not likely to end anytime soon.
“I’m 70 years old, I own gold,” he said. “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.”
While gold remains the personal choice for Druckenmiller, he acknowledged that younger investors with value to store are increasingly opting for Bitcoin in the digital age.
“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,” he said.
Acknowledging that he “should” hold Bitcoin is evidence that the investing landscape is beginning to shift towards the younger generations that grew up as digital natives and are looking to upgrade the way they make payments.
He also noted that he had previously held Bitcoin but sold it in response to tightening measures imposed by central banks. He said people could turn to blockchain and digital assets if they lose faith in the central banking system, praising the technology and highlighting the potential for a ledger-based system to replace the USD as the world’s reserve currency.
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