Billionaire Investors Betting On Bitcoin As A Store Of Value: Druckenmiller Joins The “Game”
Bitcoin can credit itself with another victory because getting recognition among the dollar billionaires means a lot, and getting into their investment portfolios even more. Will central banks follow suit?
Billionaires buy Bitcoin
When it comes to hedging assets, choose the fastest horse. We heard this idea just recently from billionaire investor Paul Tudor Jones. Other large players in the financial market also decided to bet on Bitcoin as a dark horse, one of which was the billionaire hedge fund manager Stanley Druckenmiller.
In an interview with CNBC, the investor said that he is optimistic about Bitcoin. Moreover, Druckenmiller already holds Bitcoins in his portfolio as a store of value. The investor expects that cryptocurrency will be able to further strengthen its importance as an asset class in the financial market shortly. He noted:
In an interview, Druckenmiller said that the percentage of Gold in his portfolio is still ahead of Bitcoin. Nevertheless, he positively assesses their importance as investment instruments. Moreover, the billionaire noted:
In addition to the open recognition of Bitcoin, billionaire investors – Druckenmiller and Tudor Jones – are quite united in their attitude to the American dollar. They are convinced that the depreciation of the US dollar is already visible on the horizon and that the currency’s price will decline within 3-4 years. That explains the reason why Druckenmiller has been actively dumping dollars lately.
Bitcoin enthusiasts rejoice
The news that another billionaire is betting on Bitcoin as a hedge asset has cheered up the crypto community a lot. Many enthusiasts are confident that after Druckenmiller announces the purchase of Bitcoin, other institutional investors and large hedge funds will follow his example. Specifically, bitcoin fan Raoul Pal on Twitter noted:
Billionaires first, then large banks?
Longtime investor Bill Miller went even further in his predictions. He is convinced that soon all major investment banks will own Bitcoin or any other cryptocurrency. In an interview with CNBC, he noted:
Despite yesterday’s $600 pullback in Bitcoin prices, analysts expect the bullish rally to continue. The fear of lost profits (FOMO) is in the air, so it is likely that soon we will hear about new billionaire investors who have acquired Bitcoin.