Billionaire Stanley Druckenmiller expressed the opinion that not only cryptocurrencies can be called a “bubble”, but also “any assets on the planet”, since their value can collapse at any moment.
According to Bitcoin.com, Stanley Druckenmiller said this in an interview with American investor and hedge fund manager Baupost Group Seth Klarman at a Boston investment conference.
Lately, many cryptocurrency skeptics have often compared digital assets to the dotcom bubble in the early 2000s. Druckenmiller said it was a real economic bubble, as the network effect hit the market 20 years earlier than anticipated, and companies building businesses on the Internet appeared out of nowhere.
However, Druckenmiller emphasized that the dot-com bubble was very narrow and did not cover the huge number of people who now use cryptocurrencies. Klarman asked Druckenmiller if the market could be considered to be in a bubble when many investors are now ditching bonds. The billionaire replied:
“There is a bubble in everything. This word can be called any existing asset, be it cryptocurrencies, stocks, bonds, art or wine products. Any event in the world can somehow affect the value of assets. Many investors live in the present because investing in the long term can be a disaster. ”
Last November, Druckenmiller called Bitcoin a more attractive inflation hedge than gold. In addition, a few months ago, the billionaire suggested replacing the US dollar with a blockchain-based system.
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