American billionaire investor Stanley Druckenmiller, in a recent interview with The Hustle, shared his views on Bitcoin, Dogecoin and Ethereum.
He compared interest in Dogecoin to the hype around non-fungible tokens (NFT).
“This is the embodiment of the craziest monetary policy in history. Since it has no emission cap, right now I don’t see any practical value in Dogecoin, ”he said.
At the same time, Druckenmiller noted that, despite the skepticism, he would not open a short position on the meme cryptocurrency, fearing its unpredictability.
“So I’m just trying to pretend that Doge doesn’t exist. I think so little of him that I don’t even care when he grows up. When bitcoin was growing, I went crazy because I didn’t have it. When Dogecoin grows, I just start laughing. You shouldn’t enter either long or short position. But, if you like to travel to Vegas, I think it will suit you, ”the investor explained.
Talking about bitcoin, Druckenmiller remembered how he said 5-6 years ago that cryptocurrencies are “a solution that is looking for its own problem.” Over time, he uncovered a problem that turned out to be the Fed’s policy “making fiat money even more questionable.” The second factor was the recommendation of his billionaire friend Paul Tudor Jones.
“I just started buying because these West Coast guys already have more money than me and they will make a lot more money than I do in the future,” he added.
The investor also complained about the low liquidity of the bitcoin market after the depreciation last year:
“I was trying to buy $ 100 million worth of bitcoins at $ 6,200. It took me two weeks to invest $ 20 million. I think I invested all this at $ 6,500. I decided it was ridiculous. I can invest the same amount in gold in two seconds. Like an idiot, I stopped buying. The next thing I learned about is that bitcoin is trading for about $ 36,000. ”
Druckenmiller said that he had already withdrawn his own investments at a profit, but he continues to hold some of the purchased coins. Comparing Bitcoin and Ether, he stated that the first cryptocurrency had won the battle for store of value through its brand, longer market presence and limited emissions. He also questioned Ether’s ability to hold its ground and compared it to MySpace before Facebook and Yahoo before Google.
“Google wasn’t much faster than Yahoo, but it didn’t need to. It was enough for him to be a little faster, and the rest is recorded in history, – said the investor. – There is a possibility that the payment system on the blockchain has not even been invented yet. As for bitcoin, as long as Jay Powell continues to behave the way he does, I think bitcoin and gold will keep the wind going. “
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
