Billionaire Hedge Fund Investor Druckenmiller Says He Owns Bitcoin in CNBC Interview
The Wall Street legend still owns far more gold, but said if gold does well, bitcoin will do better.
Nov 9, 2020 at 7:20 p.m. UTCUpdated Aug 19, 2021 at 5:31 a.m. UTC
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Billionaire U.S. investor Stanley Druckenmiller, who just weeks ago was said to be shorting the dollar, is long on bitcoin.
- Druckenmiller said on CNBC Monday he owns bitcoin, becoming the latest high-profile, ultra high-net-worth investor to get in on the benchmark digital currency.
- Though he said his gold position is "many, many more times" larger than his bitcoin allocation, Druckenmiller predicted his bitcoin would outperform.
- "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."
- "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."
- Druckenmiller also said he's anticipating a three- to four-year decline in the dollar. Just weeks ago, a Bloomberg report revealed Druckenmiller was betting against the dollar.
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