The former hedge fund manager and billionaire expects a significant deterioration in the US economy by the end of next year: this is the moment the cryptocurrency market will revive.
Stanley Druckenmiller during the Delivering Alpha Investor Summit in New York said that cryptocurrencies can play a big role in the revival of the economy, but for this the traditional financial system must collapse. After that, people will stop trusting central banks and turn to cryptocurrencies:
“I think by the end of 2023 we will see a hard drop. And cryptocurrencies will play a big role in the renaissance. But, of course, this is just a prediction. I have been wrong many times, but we predict a recession in 2023, this is our professional opinion.”
At the same time, Druckenmiller himself does not own bitcoins or other cryptocurrencies, since at the moment the US central bank has a rather tough position in relation to crypto assets:
“So far, I like everything the Fed says and hopefully they will follow through. Regulators have made a big mistake thinking that everything is under control, but it is not. Let’s see what happens when the economy collapses. But, I hope, there will be no repetition of the 70s. They have to slaughter the dragon and it will hurt,” said Stanley Druckenmiller.
Last spring, Druckenmiller said that the US dollar could well be replaced by any asset on the blockchain.
Source: Bits
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