Why This 70-Year-Old Billionaire Wants To Own Bitcoin

Billionaire investor Stanley Druckenmiller recently gave his two cents on Bitcoin, acknowledging the asset’s growth and popularity over the past 17 years. While speaking at an interview with billionaire Paul Tudor Jones, Druckenmiller compared Bitcoin to gold, noting its evolution into a recognizable brand and investment vehicle. 

Druckenmiller admits he doesn’t actually own any BTC as of the moment, but he’s been closely following it and thinks it could be an attractive investment.

Bitcoin has long been hailed by financial analysts as the ideal asset for hedging against inflation and storing value. Some have dubbed the cryptocurrency as the 21st century’s digital gold because of its low correlation with stocks, and Druckenmiller doesn’t disagree.

Stanley Druckenmiller is the founder and former chairman of Duquesne Capital, and as a 70-year-old billionaire investor, he has seen a lot of financial trends come and go over the decades. But recently, he’s become fascinated with BTC. 

In the interview with Paul Tudor Jones, Druckenmiller stated that BTC has been particularly popular as a reputable brand because of its appeal to younger investors. The billionaire made this note while comparing Bitcoin to gold, the age-long store of value.

“I’m 70 years old, I own gold. I was surprised that Bitcoin got going, but it’s clear that 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.” Druckenmiller said.

Stanley Druckenmiller is one of the most successful hedge fund managers on Wall Street and is worth $6,200,000,000.

He says, “Young people look at #bitcoin as a store of value. It’s a brand. I like it. I dont own any, but I should”pic.twitter.com/DXjrnvE1Qc

— Documenting ₿itcoin (@DocumentingBTC) October 30, 2023

It would seem the billionaire hasn’t invested in Bitcoin yet mainly because of the lack of clear regulation in the crypto industry. Druckenmiller said that he had previously held BTC. However, he sold them in 2022 because of restrictive policies imposed by central banks.

“I like gold because it’s a 5,000-year-old brand, but the young people have all the money,” Druckenmiller said. “So, I like them both. I don’t own any Bitcoin to be frank, but I should.”

This isn’t the first time Druckenmiller has made positive comments about the crypto industry. Back in an interview in 2021, he likened Bitcoin to gold. He also predicted then that Ethereum could flip Bitcoin as smart contracts on the Ethereum blockchain spiked in popularity. In 2022, he said people could turn to crypto as more people lose faith in central banks.

Investors like Druckenmiller and Jones have always praised Bitcoin, but others like Warren Buffet have been pessimistic. Buffet slammed BTC in a CNBC interview in April this year, calling it a “gambling token.”

On the other hand, Bitcoin has been named as the best-performing asset class this year, outperforming stocks, bonds, commodities, and REITs. BTC is trading at $34,195 at the time of writing and is looking to break above a resistance at $35,000.