Another Billionaire Has Joined the Bitcoin Investors Line
On Nov 11, 2020
Famous billionaire Stanley Druckenmiller with a fortune of about $ 4.5 billion, joined the line of Bitcoin investors. He became the latest billionaire to invest in leading cryptocurrency.
Stan Druckenmiller Has Joined the Line of Other Notable Figures
The number of people who believe in Bitcoin is increase day by day. On Monday, in CNBC’s “The Exchange” interview, Stan Druckenmiller, a billionaire hedge fund investor, announced that he owns Bitcoin (BTC) too. With his support for Bitcoin, Stan Druckenmiller has joined other notable figures who admitted that they had invested in Bitcoin. Druckenmiller announced his Bitcoin investment, following Paul Tudor Jones, Tim Draper, Jack Dorsey, and Michael Saylor.
Stanley Druckenmiller is the president and former chairman of Duquesne Capital. His net worth is estimated at around $ 4.5 billion. He has had great success as a hedge fund manager for 30 years. In 2010, Druckenmiller closed the fund, which operates under his management with over 12 million assets. According to Bloomberg’s list of billionaires, the 67-year-old investor is among the 400 richest investors in the world.
Druckenmiller has always invested heavily in precious metals throughout his career. He is well-known for his investments in gold for a long time. In his announcement, Druckenmiller stated that his investment in gold is many times more than Bitcoin. But, while referring to Bitcoin’s position against gold, he explained that BTC is a “better” investment than it.
“I am a bit of a dinosaur but I realized that Bitcoin could be an asset that has a lot of attraction as a store of value.”
“I own many many more times gold than I own Bitcoin. But 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.”
Druckenmiller Rocked the Crypto Industry
These words of Stanley Druckenmiller rocked the crypto industry. The investor, who has always been suspicious of Bitcoin, was not interested even when the price was suddenly $ 17,000. He continuously approached Bitcoin as a bubble. But important contributions from the finance world to Bitcoin and Blockchain technology in recent times seem to changed investor’s minds. As of Monday, Stanley Druckenmiller announced its support for bitcoin. With this, a new billionaire has joined the bitcoin investors group. In a CNBC interview, Druckenmiller stated that Bitcoin attracted the attention of millennial investors.
“It has a lot of attraction as a store of value to both millennials and the new West Coast money, and as you know, they have a lot of it.”
According to analysts, there are several main reasons behind billionaire investors turning to BTC recently. These include protection from inflation and becoming an alternative to gold.
At the time of writing, the price of leading cryptocurrency trading around 15,628 dollars. Bitcoin price has increased by 2% in the last 24 hours and by 12 % in the last seven days. Thus, Bitcoin’s dominance in the total cryptocurrency market is currently 64.22%, with an increase of 0.06% on the day.
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