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Hedge Fund Legend Stanley Druckenmiller Now Owns Bitcoin

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Mon, 11/09/2020 - 19:33
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Alex Dovbnya
Billionaire Stan Druckenmiller has become the latest billionaire to embrace Bitcoin
Hedge Fund Legend Stanley Druckenmiller Now Owns Bitcoin
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Legendary hedge fund manager Stanley Druckenmiller has finally embraced Bitcoin, revealing that he now owns the world’s largest cryptocurrency in a Nov. 9 interview with CNBC.

The billionaire says that Bitcoin is now a store of value that continues to become a stronger brand with “each passing day”:    

“Bitcoin could be an asset class that has a lot of attraction as a store of value for both millennials and new West Coast money, which, as you know, they’ve got a lot of it. It’s been around for 13 years and each passing day it picks up more of its stabilization as a brand”

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He went on to explain why Bitcoin is a better asset than gold, claiming that it is “thinner” and “more liquid”:    

“I own many many times more gold than I do Bitcoin, but frankly if the gold bet works, then the Bitcoin bet will probably work better because it is thinner and more illiquid, and has a lot more beta to it.”

Last year, Druckenmiller dismissed the idea of owning Bitcoin:

“I don’t think I’m a neanderthal, which is what I’ve been called when I’ve said I didn’t want to own Bitcoin.”

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.