BitcoinBTC has been on a winning streak lately, rocketing almost 25% over the last month as traders bet on a looming $48.3 trillion price earthquake.
The bitcoin price boom, pushing bitcoin to its highest level since the summer of 2022 and helping ethereum, XRPXRP and the wider crypto market add around $300 billion of value since mid-September, comes amid growing fears of “global wartime inflation.”
Now, legendary billionaire investor Stanley Druckenmiller has admitted he should have bought bitcoin, calling it a strong “brand” similar to gold.
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“I don’t own any bitcoin to be frank but I should,” Druckenmiller, a former hedge fund manager who founded family office Duquesne Capital, told fellow hedge fund manager Paul Tudor Jones last week at a New York investor conference.
“I’m 70 years old, I own gold,” Druckenmiller said. “I was surprised bitcoin got going but … it’s clear the young people look at it as a store of value because it’s a lot easier to do stuff with and 17 years, to me, it’s a brand. [But] I like gold because it’s 5,000 year-old brand,” Druckenmiller said, referring to bitcoin only being created in 2008.
Bitcoin and gold have emerged as twin bolt-holes for investors this year, with the bitcoin price doubling since January.
Earlier this month, Jefferies’ analysts warned the Fed will be forced to restart its money printer—potentially collapsing the U.S. dollar and fueling a bitcoin price boom to rival gold.
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Jones, who set the world of crypto alight in May 2020 when he named bitcoin the “fastest horse” to beat inflation he saw coming down the track, told CNBC in an interview earlier this month that the Israel-Hamas conflict in the Middle East and “probably [the U.S.’s] weakest fiscal position since World War II,” means he’s doubling down on bitcoin and gold.
Druckenmiller, who has previously said he owns bitcoin but is now thought to have sold, also criticized Treasury secretary Janet Yellen for failing to refinance U.S. debt when rates were at rock bottom lows during the Covid pandemic.
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